TCRAP_Public/081031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, October 31, 2008, Vol. 11, No. 217

                            Headlines

A U S T R A L I A

ABC LEARNING: To Battle With 123 Careers Over 8,000 Workers
A.C.N. 119 934 806: Robert Moodie Appointed as Liquidator
AVENTIS ANIMAL: Final Meeting of Members Set for Today
BITTAR HOLDINGS: Members' Meeting Set for November 3
D & J AIRCONDITIONING: Commences Voluntary Wind-Up Proceedings

MINESITE SERVICES: Members' General Meeting Today
MIRVAC GROUP: To Cut 160 Jobs; Trading Halt to Stay Until Monday
NEW CAP REINSURANCE: General Meeting of Members Held
PLANET BOLLYWOOD: Members Resolve to Wind Up Company
PUPRUSH PTY: Robert Moodie Appointed as Liquidator

R & Z FORMWORK: Members Appoint Mitchell Ball as Liquidator
REFLECTIONS CLEANING: Members Resolve to Voluntary Wind Up Firm
ROBERT UDEN PTY: Members' Final Meeting Set for Today
SAVVIDES PTY: Final Meeting Held
TREPCHA CONSTRUCTION: Members & Creditors to Meet on November 3


C H I N A

BANK OF CHINA: Income Growth Slows to 11% in Q3 Amid Global Crisis
CHINA HEALTH: Ji Guang Wang Quits as President and Director
CHINA MERCHANTS: Shares Rise Most in Two Weeks on Profit Increase
CHINA SOUTHERN: Posts CNY810MM Loss in 3Q on Economic Slowdown
CHINA SOUTHERN: To Invest CNY10 Billion in Liaoning Airport

JINAN STEEL: Unaffected Despite Ore Supplier's Suspension
SHANGHAI PUDONG: Plans to Sell CNY20 Billion Bonds


H O N G K O N G

ART CONCORD: Creditors' Proofs of Debt Due on  December 19
BROADWAY CHINA: Placed Under Voluntary Liquidation
EXPANDITE INTERSWISS: Members' Final Meeting Slated for Nov. 24
SURANT LIMITED: Members' Final Meeting Set for November 25
FORTUNE CENTRAL: Members and Creditors to Meet on November 28

G-TEC INDUSTRIAL: Members' Final Meeting Set for November 28
HONG KONG CHINA: Requires Creditors to File Claims by November 28
HONG KONG STEEL: Members' Final Meeting Set for November 18
SABENA LIMITED: Placed Under Voluntary Liquidation
SHANGHAI LAND: Members' Final Meeting Slated for November 28

SINO-AUTO: Members to Hold Meeting on November 28
SUPER-EXPRESS: Members to Hold Meeting on November 28
THE COUNTRYSIDE: Creditors' Proofs of Debt Due on November 24
THE RECRUIMENT: Final Meeting Slated for November 26


I N D I A

GENERAL MOTORS: 3rd Qtr Vehicle Sales Down 11.4% to 2.1 Million


I N D O N E S I A

BAKRIE GROUP: Still In Talks Over Asset Sale
PAKUWON JATI: S&P Withdraws B- Corporate/Foreign Currency Ratings
* INDONESIA: Snake and Coral Business Hurt by Financial Crisis


J A P A N

AOZORA BANK: Moody's Cuts BFSR to D+; Outlook Negative
GK L-JAC: Fitch Says All 27 Bond Tranches Stays Under Neg. Watch
* JAPAN: S&P Eyes Downturn in CMBS Transactions From 3Q08 Stats
* Moody's Report Explores CDS Impact of Lehman Bros.' Bankruptcy


K O R E A

HYNIX SEMICONDUCTOR: Sees Limited Chip Supply Growth in 2009
LG TELECOM: Third Quarter Net Profit Up 0.4% to KRW99.4 Billion
STANDARD CHARTERED: Moody's Revises D+ BFSR Outlook to Stable


M A L A Y S I A

PRIME UTILITIES: Records No Revenues; Classified as Listed Issuer
WONDERFUL WIRE: CIMB Bank Serves Writ of Summons and Claim
* MALAYSIA: NPLs and Bankruptcy Expected to Increase Next Year
* LAND & GENERAL: MARC Affirms B Rating on RCSLS; Stable Outlook


N E W  Z E A L A N D

A1 PLASTERER: High Court Appoints Joint Liquidators
AAS MOTOR BODIES: Creditors Must File Claims by November 13
CONSTRUCTION (CARPENTRY): Claims Filing Deadline Is November 15
DATASTOR OUTLET: Claims Filing Deadline Ends on November 28
FLUFFY DUCK: High Court Appoints Joint Liquidators

GREAT SOUTH: High Court Appoints Joint Liquidators
HOFENI (HUNTERS PLAZA): Shareholders Resolve to Liquidate Firm
HORSHAM DOWNS: High Court Appoints Joint Liquidators
JDW MODELS: High Court Appoints Joint Liquidators
KINGSVIEW PROPERTY: Claims Filing Deadline Ends November 18

KUMEU CIVIL: Creditors Must File Claims by November 17
L TULIKIHAKAU: High Court Appoints Joint Liquidators
LINING SERVICE: Court to Hear Wind-Up Petition on November 19
NATIVE SOUP: Joint Liquidators Appointed
MERLOT INVESTMENTS: Court to Hear Wind-Up Petition on Nov. 28

PAULMEN SEALS: Creditors Must File Claims by December 26
WESTERN WOODCRAFT: Creditors Must File Claims by November 3
WILTON CLASSICS: High Court Appoints Joint Liquidators
SYDNEY PRODUCTIONS: High Court Appoints Joint Liquidators


P H I L I P P I N E S

HABIB BANK: Moody's Cuts Local Currency Deposit Rating to Ba2
MCB BANK: Moody's Cuts Local Currency Deposit Rating to Ba2
NATIONAL BANK: Moody's Cuts Local Currency Deposit Rating to Ba2
UNITED BANK: Moody's Cuts Local Currency Deposit Rating to Ba2


S I N G A P O R E

BUNGALOW BAR: Court Enters Wind-Up Order
CLIMB ADVENTURE: Court to Hear Wind-Up Petition on November 7
HING YIP: Pays Dividend to Creditors
PROJECTOR S.A.: Court to Hear Wind-Up Petition on November 7
SOUTHERN CROSS: Court Enters Wind-Up Order


X X X X X X X X

* S&P Expects Public-Private Deals in Global Infrastructure Sector
* Large Companies with Insolvent Balance Sheets


                         - - - - -


=================
A U S T R A L I A
=================

ABC LEARNING: To Battle With 123 Careers Over 8,000 Workers
-----------------------------------------------------------
Natasha Bita of The Australian reported that ABC Learning Centres
and its staffing agency, 123 Careers, "will battle for control
over 8,000 staff in Queensland's Supreme Court [today]."

The Australian related that it obtain correspondence that suggests
that "ABC has tried to poach the 8000 casual workers employed by
123 Careers."

On October 24, the company said in a press release that its
acquisition of the 123 Careers business has been reviewed and
cleared by the ACCC.  Notwithstanding the ACCC approval, ABC’s new
management team has decided not to proceed with the acquisition.
ABC has terminated the contract for a variety of reasons including
the failure of the parties to complete the conditions precedent.
ABC will immediately move to employ 123 Careers relief staff
currently providing services to ABC childcare centres and ensure
that all 123 Careers relief staff working at ABC centres will be
paid.  ABC will separately be seeking the repayment of the deposit
monies owed to ABC.

According to The Australian, Don Jones, a former ABC Learning
executive and now the director of 123 Careers, said "he would not
pay back the $40 million ABC gave him as a down-payment for his
company in June."

Last week, Ms. Bita related that Queensland's Supreme Court
ordered an interim injunction to stop ABC approaching 123 staff.
The report stated that Mr. Jones will ask the court to extend the
injunction.

                  About A.B.C. Learning Centres

A.B.C. Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1200 centres in Australia, New Zealand, the
United States and the United Kingdom.  The company's subsidiaries
include A.B.C. Developmental Learning Centres Pty Ltd, A.B.C.
Early Childhood Training College Pty Ltd, Premier Early Learning
Centres Pty Ltd, A.B.C.  Developmental Learning Centres (NZ) Ltd.,
A.B.C. New Ideas Pty. Ltd., A.B.C. Land Holdings (NZ) Limited and
Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 3, 2008, ABC requested on Aug. 21, 2008, a trading halt of
its securities from the Australian Stock Exchange to finalize and
provide further guidance relating to its full year results and
prior period adjustments arising out of a re-assessment of
accounting treatments.

The TCR-AP reported on Aug. 1, 2008, that ABC expected a AU$437
million net loss before tax as at July 31, 2008.  ABC also said
that in the current circumstances, the company's Board has
determined not to declare a dividend for the second half of the
2008 financial year.

As reported by the Troubled Company Reporter-Asia Pacific, the
company's Sydney trading on Feb. 26, 2008, plunged 43% after a
slump in earnings raised concerns it may struggle to repay debt.
The drop to AU$2.14 triggered margin calls on stakes held by
some directors.

Since then, the company has been working to sell some its assets
to pay off debts.  The TCR-AP reported on April 23, 2008, that
A.B.C. Learning signed a definitive agreement with Morgan Stanley
Private Equity for the sale of a 60% interest in its US business,
Learning Care Group Inc., in a transaction that values 100% of the
US business at US$700 million.

The transaction was expected to reduce ABC's net debt by AU$485
million, with an additional US$30 million payable shortly after
June 30, 2009 by way of an earn-out.  In addition to the net debt
reduction, ABC will retain US$185 million of ordinary equity and
US$20 million of preferred equity in the US joint venture.  ABC
has a call option to buy back Morgan Stanley Private Equity's
interest three years after closing.

On Sept. 3, 2008, the TCR-AP reported that ABC Learning Centres
completed the sale of Busy Bees Childcare Vouchers Limited, its UK
voucher business, for GBP90 million to Computershare Limited.
Proceeds from the transaction will be used to reduce debt under
the company's syndicated bank facility agreement.


A.C.N. 119 934 806: Robert Moodie Appointed as Liquidator
---------------------------------------------------------
At a meeting of A.C.N. 119 934 806 Pty Limited held on
September 10, 2008, a resolution was passed that as the company is
unable to pay its debts as and when they fall due, the company be
wound up voluntarily and that Robert Moodie be appointed
liquidator for the purpose of that winding up.

The liquidator can be reached at:

     Rodgers Reidy
     333 George Street, Level 8
     Sydney NSW 2000
     Telephone: (02) 9262 1944
     Facsimile: (02) 9262 1933


AVENTIS ANIMAL: Final Meeting of Members Set for Today
------------------------------------------------------
A final meeting of the members of Aventis Animal Nutrition Pty
Limited will be held at Rodgers Reidy, Level 8, 333 George Street,
Sydney on October 31, 2008, at 10:00 a.m.

The purpose of the meeting is:

   (a) To receive an account from the Liquidator.

   (b) A resolution to destroy the books and records of the
       company.

   (c) To consider and other business.

The liquidator is Geoffrey Reidy.


BITTAR HOLDINGS: Members' Meeting Set for November 3
----------------------------------------------------
A meeting of the members of Bittar Holdings Pty Limited will be
held at the offices of HLB Mann Judd, Level 19, 207 Kent Street
Sydney NSW 2000 on November 3, 2008, at 11:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of the
company disposed of and of hearing any explanations that may be
given by the Liquidator.

The liquidator is:

     BARRY TAYLOR
     Liquidator
     HLB Mann Judd
     207 Kent Street, Level 19
     Sydney NSW 2000


D & J AIRCONDITIONING: Commences Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At a meeting of D & J Airconditioning Pty Limited held on
September 16, 2008, a resolution was passed -- that as the company
is unable to pay its debts as and when they fall due, the company
be wound up voluntarily and that Robert Moodie be appointed
liquidator for the purpose of that winding up.

The liquidator can be reached at:

     Rodgers Reidy
     333 George Street, Level 8
     Sydney NSW 2000
     Telephone: (02) 9262 1944
     Facsimile: (02) 9262 1933


MINESITE SERVICES: Members' General Meeting Today
-------------------------------------------------
A general meeting of the members of Minesite Services Pty Limited
will be held at the offices of Ferrier Hodgson (Newcastle),
Chartered Accountants, Level 3, 2 Market Street, Newcastle on
October 31, 2008, at 10:00 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the company disposed of
and of hearing any explanations that may be given by the
Liquidator.

The liquidator is:

     P. W. GIDLEY
     Liquidator
     Ferrier Hodgson
     Chartered Accountants
     PO Box 840
     Newcastle NSW 2300


MIRVAC GROUP: To Cut 160 Jobs; Trading Halt to Stay Until Monday
----------------------------------------------------------------
Bridget Carter of The Australian reported that Mirvac Group "has
axed about 160 staff and flagged further cost-cutting measures in
the weeks ahead."

According to Ms. Carter, "this follows the company's market value
being sliced in half amid the market meltdown of the past two
months."

Mirvac has more than 2,000 employees and about 60 of those
positions that will be cut are Sydney-based, the report related.
The reduction will affect various divisions of Mirvac, including
development, funds management and investment management, The
Australian reported.

Ms. Carter related that the company will be implementing further
cost-cutting measures in the months ahead but no details were
disclosed.

Mirvac informed the Australian Securities and Exchange that it is
currently reviewing possible initiatives that currently remain
incomplete and confidential.  Mirvac said it is not yet in a
position to announce these initiatives and potential transactions
as they may or may not be finalized.

Mirvac requested a Trading Halt beginning October 30 and confirmed
that the Trading Halt should remain in place until the opening of
trading on November 3, unless Mirvac requests that the Trading
Halt be lifted before that time.

                       About Mirvac AQUA

Mirvac AQUA Pty Limited -- http://www.mirvacaqua.com.au/-- is
an investment management company, which is a partnership between
a member of the Mirvac Group and a member of Balmain NB
Commercial Mortgages Limited.

Mirvac AQUA is an investment manager of mortgage investments and
through its relationship with Mirvac Funds Management Limited,
also a member of the Mirvac Group, is the investment manager for
the Mirvac AQUA Income Fund, Mirvac AQUA Enhanced Income Fund
and Mirvac AQUA High Income Fund.  Mirvac Aqua is responsible
for managing the investments of the Funds in line with their
investment strategies and benchmarks.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
4, 2008, Mirvac AQUA Pty Limited suspended all applications and
redemptions for all Mirvac AQUA Funds for up to six months, and
withdrew the Mirvac AQUA Income Fund Product Disclosure Statement
from the market.

According to the company, given the current market conditions, it
is undertaking a "stress testing" of its loan portfolios.  In
early July, Mirvac AQUA appointed a Receiver and Manager to one of
the loans.  As a result, the company determined that several loans
contained in the Mezzanine Debt Pool (into which the High Income
Fund and Enhanced Income Fund directly invest) are impaired.  The
company said these impairments may result in losses of interest
and/or principal.  The impaired loans total AU$39 million in value
and comprises 20.4% of the total assets (cash and mortgages) of
the High Income Fund and10.5% (cash and
mortgages) of the Enhanced Income Fund.  For the purpose of
clarity the company does not believe that the entire value of
these impaired loans is at risk of principal loss.


NEW CAP REINSURANCE: General Meeting of Members Held
----------------------------------------------------
A general meeting of New Cap Reinsurance Corporation Limited and a
meeting of the creditors was held at the Insurance Hall, 20
Aldermanbury, London EC2V 7HY, United Kingdom on October 16, 2008.

At the meeting, an account of the Liquidator's acts and dealings
and of the conduct of the winding up was taken up.

The liquidator is:

     JOHN R. GIBBONS
     Liquidator and Scheme Administrator
     New Cap Reinsurance Corporation Limited
     Ernst & Young
     Chartered Accountants
     680 George Street
     Sydney NSW 2000


PLANET BOLLYWOOD: Members Resolve to Wind Up Company
----------------------------------------------------
At a meeting of members of Planet Bollywood Pty Limited held on
September 15, 2008, these Special and Ordinary resolutions were
passed:

   -- that the Company be wound up voluntarily, and

   -- that Mitchell Ball of Paladin Partners be appointed
      liquidator of the company.

The liquidator can be reached at:

     MITCHELL BALL
     Liquidator
     Paladin Partners
     120 Sussex Street, Level 3
     Sydney NSW 2000
     Telephone: (02) 9290 5300
     Facsimile: (02) 9290 5399


PUPRUSH PTY: Robert Moodie Appointed as Liquidator
--------------------------------------------------
At a meeting of Puprush Pty Limited held on September 10, 2008, a
resolution was passed that as the company is unable to pay its
debts as and when they fall due, the company be wound up
voluntarily and that Robert Moodie be appointed Liquidator for the
purpose of that winding up.

The liquidator can be reached at:

     Rodgers Reidy
     333 George Street, Level 8
     Sydney NSW 2000
     Telephone: (02) 9262 1944
     Facsimile: (02) 9262 1933


R & Z FORMWORK: Members Appoint Mitchell Ball as Liquidator
-----------------------------------------------------------
At a meeting of members held on September 15, 2008, these Special
and Ordinary resolutions were passed:

   -- that the Company be wound up voluntarily, and

   -- that Mitchell Ball of Paladin Partners be appointed
      liquidator of the company.

The liquidator can be reached at:

     MITCHELL BALL
     Liquidator
     Paladin Partners
     120 Sussex Street, Level 3
     Sydney NSW 2000
     Telephone: (02) 9290 5300
     Facsimile: (02) 9290 5399


REFLECTIONS CLEANING: Members Resolve to Voluntary Wind Up Firm
---------------------------------------------------------------
At a meeting of members held on September 15, 2008, these Special
and Ordinary resolutions were passed:

   -- that the Company be wound up voluntarily, and

   -- that Mitchell Ball of Paladin Partners be appointed
      liquidator of the company.

The liquidator can be reached at:

     MITCHELL BALL
     Liquidator
     Paladin Partners
     120 Sussex Street, Level 3
     Sydney NSW 2000
     Telephone: (02) 9290 5300
     Facsimile: (02) 9290 5399


ROBERT UDEN PTY: Members' Final Meeting Set for Today
-----------------------------------------------------
A meeting of the members of Robert Uden Pty Limited will be held
at the office of Hall Chadwick Chartered Accountants, Level 29, 31
Market Street Sydney NSW 2000 on October 31, 2008, at 10:00 a.m.

AGENDA:

   1. To receive a report from the Liquidator, being an account of
      his acts and dealings and of the conduct of the winding up
      during the period of the Liquidation ending on October 31,
      2008.

   2. Any other business.

The liquidator is:

     ROBERT ELLIOTT
     Liquidator
     c/o Hall Chadwick
     31 Market Street, Level 29
     Sydney NSW 2000


SAVVIDES PTY: Final Meeting Held
--------------------------------
A final meeting of the members of Savvides Pty Limited was held at
Rodgers Reidy, Level 8, 333 George Street, Sydney on October 30,
2008.

The purpose of the meeting was:

   (a) To receive an account from the Liquidator.

   (b) A resolution to destroy the books and records of the
       company.

   (c) To consider and other business.

The liquidator is Peter Rodgers.


TREPCHA CONSTRUCTION: Members & Creditors to Meet on November 3
---------------------------------------------------------------
A meeting of members and creditors of Trepcha Construction Pty
Limited will be held at the office of Hall Chadwick Chartered
Accountants, Level 29, 31 Market Street Sydney NSW 2000 on
November 3, 2008, at 10:00 a.m.

AGENDA:

   1. To receive a report from the Liquidator, being an account of
      his acts and dealings and of the conduct of the winding up
      during the period of the Liquidation ending on November 3,
      2008.

   2. Any other business.

The liquidator is:

     BLAIR PLEASH
     Liquidator
     c/o Hall Chadwick
     31 Market Street, Level 29
     Sydney NSW 2000



=========
C H I N A
=========

BANK OF CHINA: Income Growth Slows to 11% in Q3 Amid Global Crisis
------------------------------------------------------------------
The Bank of China's earning growths continues to slow, posting a
11% increase in the third quarter this year from a 15% increase in
the the second quarter, amid weakening domestic economy and
deteriorating investment climate, The Wall Street Journal reports.

The bank, the report relates, posted a net profit of
CNY17.76 billion (US$2.6 billion) from CNY15.93 billion a year
earlier, while net interest income rose 3% to CNY40.73 billion,
but the net interest margin shrunk slightly.

Meanwhile, Xinhua News reports that the bank's after-tax profit
rose 31.82% to CNY59.94 billion (US$8.78 billion)in the first nine
moths of this year over the same period last year, on rising
interest income and commission fee during the period.

During January to September period, the bank's net interest income
stood at CNY122.25 billion yuan, up 10.56% from the same period
last year, while non-interest income increased 82.2% to hit
CNY55.26 billion, Xinhua News notes.

According to WSJ, the bank set aside US$3.68 billion to cover
potential investment losses, mostly related to the U.S. housing
market.

Analysts said the lender's larger exposure to overseas assets
could make it more vulnerable than local competitors to the global
financial turmoil, the WSJ points out.  Overseas assets account
for 20% of its US$965 billion in total assets.

WSJ says that Bank of China held US$5.27 billion of U.S. subprime
mortgage-backed securities at the end of September.

Moreover, Bank of China said it has booked a US$65 million charge
for the US$76 million of bonds it bought from Lehman Brothers
Holdings Inc. and has made a US$45 million charge for the US$53
million in loans that its New York branch had extended to Lehman
and its units, the WSJ adds.

                       About Bank Of China

Headquartered in Beijing, China, the Bank of China
-- http://www.boc.cn-- provides corporate banking, retail banking
and investment banking.  Other activities include provision of
corporate deposits, corporate loans, foreign exchange business,
savings deposits, consumer credit and bankcards.  It has 12,967
domestic branches and 559 overseas branches.  The bank received a
US$22.5 billion capital injection from the Government in 2003 to
restructure state-owned banks.  The state-owned lender has been
offloading bad loans and increasing capital since 2003 in
preparation for an overseas share sale, part of government plans
to prepare the industry for increased foreign competition,
starting at the end of this year.

                          *     *     *

The bank continues to carry Moody's Investors Service Ratings'
'D' Bank Financial Strength Rating and Fitch Ratings' 'D'
Individual Rating.


CHINA HEALTH: Ji Guang Wang Quits as President and Director
-----------------------------------------------------------
China Health Resource, Inc. disclosed in a Securities and Exchange
Commission filing that during a special meeting of the Board of
Directors on Oct. 20, 2008, Ji Guang Wang resigned as the
company's President and Director with immediate effect.  Mr. Ji
Guang Wang informed the Board that his health could no longer
allow him to devote the time that would be required of him as
CHRI's President and director.

At the same special meeting, Ying Zhong resigned from CHRI as its
Chief Financial Officer for personal reasons, also with immediate
effect.  There were no disputes or disagreements between the Board
and either of Mr. Wang or Ms. Zhong that led to the resignations.

In light of the resignations, the Board agreed to appoint
Mr. Jiayin Wang as its President and a director, filling the seat
on the Board that was previously held by Mr. Ji Guang Wang,
effective immediately.

Mr. Jiayin Wang, 55, is Mr. Ji Guang Wang's father.  He is the
founder, President and Chairman of the Board of Directors of
Sichuan YinFa Resource Development Co. Ltd., an affiliate of CHRI,
since 2001.  Mr. Wang has been the People's Senator of Suining
City since 1995 and the Chairman of Sichuan Province DAR
Association since 2001.  Mr. Wang received Excellent Entrepreneur
of Sichuan Province in 2004, National Entrepreneur Star Award in
2001 and 2004, Entrepreneur Star of Sichuan Province in 2001 and
2004 and Top Ten Entrepreneur Star of Suining City in 2005.

Mr. Wang will serve a three-year term as the President and a
director of CHRI, and will receive an annual salary of RMB200,000,
or approximately $29,265.

Also at the same special Board meeting, the Board agreed to
appoint Yi Zhou as its Chief Financial Officer and a director of
CHRI, filling the seat on the Board that was previously held by
Ms. Ying Zhong, effective immediately.

Mr. Yi Zhou, 41, has been a Certified Public Accountant in China
since 1999.  Mr. Zhou has over ten years of financial and
accounting working experience.  He worked as Chief Financial
Officer for HongFei Real Estate Co. Ltd. from 1999 to 2004, and as
Chief Financial Officer for BeiXing Co. Ltd. from 2004 to 2007.
Both companies are public listed companies in China and the Board
considers that Mr. Zhou's public company experience will be
valuable as CHRI continues to grow.  Mr. Zhou graduated from
University of Finance and Economics in China, with a degree in
Financial Accounting. Mr. Zhou will serve a one-year term as the
Chief Financial Officer and a director of CHRI, and will receive
an annual salary of RBM80,000, or approximately $11,706, based
upon the RMB Rate.

                    Going Concern Disclaimer

Lake & Associates, CPA's LLC, in Boca Raton, Fla., expressed
substantial doubt about China Health Resource Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2007.  The auditing firm reported that the company has suffered
recurring losses and has yet to generate an internal cash flow.

China Health Resource Inc. reported a net loss of $66,482, on zero
sales, for the first quarter ended March 31, 2008, compared with a
net loss of $152,726, on sales of $188,949, in the same period
last year.

At March 31, 2008, the company's consolidated balance sheet showed
$3,956,284 in total assets, $1,016,925 in total liabilities, and
$2,939,359 in total stockholders' equity.

                       About China Health

Headquartered in Si Chuan Province, P.R. China, China Health
Resource Inc. fka. Voice Diary Inc. (OTC BB: CHRI) -- was
incorporated in the State of Delaware on Feb. 26, 2002.  Through
its wholly owned subsidary, Yin Fa, the company operates as a
pharmaceutical company focused on developing and commercializing
the Dahurian Angelica Root, one of the more popular traditional
Chinese medicines.  Dahurian Angelica Root is a popular herb
employed extensively as an ingredient in food, medicine and
cosmetics.


CHINA MERCHANTS: Shares Rise Most in Two Weeks on Profit Increase
-----------------------------------------------------------------
China Merchants Bank's shares advanced by the most in two weeks
after saying third-quarter profit rose 49%, Bloomberg News
reports.  The bank's shares, the report relates, rose 9% to
HK$11.60 at 10:16 a.m., October 30, while the local benchmark Hang
Seng Index gained 4.9%.

China Merchants' net profit in the third quarter, Xinhua News
reports, increased 49.45 % to CNY5.754 billion (US$841 million) on
rising net interest and fee income, although the growth is sharply
lower than the 116.42% posted in the first half.  The bank's net
interest income in the quarter rose 34.7% year-on-year to
CNY11.676 billion, slowing from 64.16% in the first half, and net
fee and commission income totaled CNY1.764 billion, up 2.43% year-
on-year, the report says.

Meanwhile, according to Xinhua News, in the first nine months, net
interest income rose 53.22% to CNY35.8 billion, while net fee and
commission income rose 33.56% to CNY5.858 billion, while net
profit for the nine months rose 90.56% to CNY18.999 billion, and
earnings per share stood at CNY1.29, up from CNY0.68 a year
earlier.

Moreover, Xinhua News notes that the bank said that, "Due to the
recent turbulence in the global financial market, it recorded an
expected loss of US$70.1 million for its bond investments
denominated in foreign currencies, representing 1.99% of total
bond investments denominated in foreign currencies."  It made a
provision of US$78.04 million for impairment losses on bonds
issued by overseas financial institutions, including Lehman
Brothers, the report adds.

                      About China Merchants

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

The company continues to carry Moody's Investors Service has
affirmed China Merchants Bank's Baa3/P-3 long-term/short-term
foreign currency deposit ratings and D+ bank financial strength
rating.  The affirmation follows CMB's planned purchase of Wing
Lung Bank ("WLB", C+/A2).  The ratings' outlook remains stable.


CHINA SOUTHERN: Posts CNY810MM Loss in 3Q on Economic Slowdown
--------------------------------------------------------------
China Southern Airlines Co., Limited posted a CNY810 million
(US$118.4 million) loss from a CNY1.9 billion profit last year, on
low travel demands due to economic slowdown and disruptions caused
by Beijing's Olympic, Irene Shen of Bloomberg News reports.

On Sept. 17, 2008, the Troubled Company Reporter-Asia Pacific,
citing Reuters, reported that China Southern's passenger volume in
August declined 16.2% to 4.98 million, on visa restrictions and
other security measures in the months leading up to the Olympic
Games.

The airlines' sales for the quarter fell 11% to CNY14.6 billion,
the Bloomberg News notes.

According to Bloomberg News, the Chinese currency was little
changed in the period, forcing airlines to pay more for dollar-
denominated jet fuel.  "Chinese airlines lost their major
advantage in the third quarter because the yuan's gains against
the U.S. dollar had slowed, while falling traffic has made the
situation even worse," the news agency cited Huatai Securities
Co.'s analyst Yu Jianjun as saying.

China Southern's passenger numbers fell in each of the three
months in the quarter, Bloomberg News says.  Its nine-month tally
rose 0.9% to 43.1 million.

Moreover, Bloomberg News adds that China Eastern forecast a
full-year loss.

                       About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable


CHINA SOUTHERN: To Invest CNY10 Billion in Liaoning Airport
-----------------------------------------------------------
China Southern Airlines Co., Limited plans to invest CNY10 billion
in Liaoning Airport Group in a bid to build an aviation hub in the
northeast Asia-Pacific region, China Daily News reports.

With the investment, the report relates, the airline would be
entitled to a 40% stake in the airport group, with the remaining
60% would be owned by Liaoning's provincial government.

According to the report, the carrier would build a new terminal at
Shenyang Taoxian airport, base 100 planes at the airport by 2010,
and open five to eight new international routes in the next five
years.

China Southern's move is widely regarded by industry insiders as a
step to further consolidate the airlines' leading position in
northeast China as its northeastern branch, China Northern
Airlines, the report says.

Xia Fulu, an analyst from Shanghai-based Industrial Securities,
said the investment would help China Southern better manage risk
control, the Daily notes.  However, the current global economic
recession means that short-term returns on the investment may be
hampered by the gloomy market sentiment, he added.

                       About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable


JINAN STEEL: Unaffected Despite Ore Supplier's Suspension
---------------------------------------------------------
Jinan Iron & Steel Co., Limited is unaffected by the business
suspension with Brazil's largest iron ore supplier, Xinhua News
reports.

The company, the report relates, said its reserves in the meantime
is abundant to meet the demand of normal production.

According to the report, the company's ore supply came mostly from
Australia, and also from India and Chile, but after the recent
price hike called by Brazilian suppliers, the company quickly
bought iron ore from other nations as well as using domestic
supplies.

The company said that the current ore stock the company held could
well meet the production demand, and the operation would not be
affected by the situation as the market now has more supply than
demand, the report points out.

Meanwhile the report notes that Companhia Vale do Rio Doce has
demanded from China's steel makers a 12% price rise over the long-
term contract price they had previously negotiated.  The request
was turned down by China's manufacturers collectively, followed by
a boycott of Vale, the report adds.

                     About Jinan Iron & Steel

Headquartered in Jinan, Shandong Province, China, Jinan Iron &
Steel Co., Ltd principally manufactures and sells iron and steel
products.  The company mainly offers medium to heavy steel plates
and deformed steel bars.

                          *     *     *

The company continues to carry Xinhua Far East China Ratings'
"BB+"issuer credit rating.


SHANGHAI PUDONG: Plans to Sell CNY20 Billion Bonds
--------------------------------------------------
Shanghai Pudong Development Bank Co., Limited plans to sell up to
CNY10 billion (US$1.5 billion) of hybrid bonds and up to
CNY10 billion of subordinated bonds in the interbank market,
Reuters reports.

Pudong Bank, the report relates, said the bonds, pending
shareholder approval by December 31, will have maturities of 15
years or more for the hybrid bonds and five years or more for the
subordinated bonds.

The bank said on Thursday, October 30, that its capital adequacy
ratio was 8.47% at the end of September, down from 9.15% at the
end of 2007, but still above the regulatory minimum requirement of
8%, while bad loan ratio fell to 1.19% from 1.46%, the report
says.

                      About Shanghai Pudong

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 28, 2008, Fitch Ratings affirmed the Individual and Support
ratings of Shanghai Pudong Development Bank as SPDB: Individual
'D' and Support '3'.

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.



===============
H O N G K O N G
===============

ART CONCORD: Creditors' Proofs of Debt Due on  December 19
----------------------------------------------------------
Art Concord Limited requires its creditors to file their proofs of
debt by December 19, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Ho Man Kit
          Kong Sze Man, Simone
          30 Canton Road, Tsimshatsui
          Unit 511, 5th Floor, Tower 1, Silvercord
          Kowloon, Hong Kong


BROADWAY CHINA: Placed Under Voluntary Liquidation
--------------------------------------------------
The shareholders of Broadway China Development Company Limited met
on October 17, 2008, and agreed to voluntarily liquidate the
company's business.

The company's liquidator is:

          Lee King Yue
          Two International Finance Centre
          8 Finance Street
          Central, Hong Kong


EXPANDITE INTERSWISS: Members' Final Meeting Slated for Nov. 24
---------------------------------------------------------------
A final meeting will be held for the members of Expandite
Interswiss Limited on November 24, 2008, at 10:00 a.m., at the 8th
Floor of Gloucester Tower, The Landmark, in 15 Queen's Road
Central, Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SURANT LIMITED: Members' Final Meeting Set for November 25
----------------------------------------------------------
A final meeting will be held for the members of Surant Limited on
November 25, 2008, at 10:00 a.m., at ShopA6, Ground Floor, in 285
Des Voeux Road Central, Hong Kong.

At the meeting, Fok Hei Yuen, Paul, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FORTUNE CENTRAL: Members and Creditors to Meet on November 28
-------------------------------------------------------------
The members and creditors of Fortune Central Enterprises Limited
will meet on November 28, 2008, at 10:00 a.m. and 10:45 a.m.,
respectively, at Flat A, 16th Floor of United Centre, in 95
Queensway, Hong Kong.

At the meeting, Chan Wing Kit, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


G-TEC INDUSTRIAL: Members' Final Meeting Set for November 28
------------------------------------------------------------
The members of G-Tec Industrial (China) Limited will meet on
November 28, 2008, at 9:30 a.m., at the 19th Floor of Seaview
Commercial Building, in 21-24 Connaught Road West, Hong Kong.

At the meeting, Andrew C.C. Ma and Felix K.L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HONG KONG CHINA: Requires Creditors to File Claims by November 28
-----------------------------------------------------------------
The creditors of Hong Kong China Hiu-Jitsu Association Limited are
required to file their proofs of debt by November 28, 2008, to be
included in the company's dividend distribution.

The company's liquidator is:

          Shiu Wai Fong, Fanny
          13 Nanking Street
          Flat A, 2nd Floor
          Kowloon


HONG KONG STEEL: Members' Final Meeting Set for November 18
-----------------------------------------------------------
A final meeting will be held for the members of Hong Kong Steel
Traders Association Limited on November 18, 2008, at 11:00 a.m.,
at Rooms 3502, 35th Floor of China Online Centre, 333 Lockhart
Road, in Wanchai, Hong Kong.

At the meeting, Au Chun Keung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SABENA LIMITED: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on October 13, 2008, the
members of Sabena Limited resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt by Jan. 31,
2009, to be included in the company's dividend distribution.

The company's liquidator is:

          Ng Kay Lam
          Kai Wong Commercial Building, Room 1106
          222-226 Queen's Road Central
          Hong Kong


SHANGHAI LAND: Members' Final Meeting Slated for November 28
------------------------------------------------------------
The members of Shanghai Land Holdings Limited will hold their
general meeting on November 28, 2008, at 2:30 p.m., at the 18th
Floor of Two International Finance Centre, 8 Finance Street, in
Central, Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SINO-AUTO: Members to Hold Meeting on November 28
-------------------------------------------------
The members of Sino Auto (China) Limited will meet on November 28,
2008, at 10:00 a.m., at the 19th Floor of Seaview Commercial
Building, in 21-24 Connaught Road West, Hong Kong.

At the meeting, Andrew C.C. Ma and Felix K.L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SUPER-EXPRESS: Members to Hold Meeting on November 28
-----------------------------------------------------
The members of Super Express (China) Industries Limited will meet
on November 28, 2008, at 10:30 a.m., at the 19th Floor of Seaview
Commercial Building, in 21-24 Connaught Road West, Hong Kong.

At the meeting, Andrew C.C. Ma and Felix K.L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


THE COUNTRYSIDE: Creditors' Proofs of Debt Due on November 24
-------------------------------------------------------------
The creditors of The Countryside Heritage Society of Hong Kong
Limited are required to file their proofs of debt by Nov. 24,
2008, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on October 16, 2008.

The company's liquidator is:

          Leung Chak Cheung
          Kwan Ming House, Flat 1301
          Yuk Ming Court
          Tseung Kwan O
          Kowloon


THE RECRUIMENT: Final Meeting Slated for November 26
----------------------------------------------------
The members of The Recruitment Company Limited will hold their
final meeting on November 26, 2008, at 10:00 a.m., at Rooms 628-
633 of Beverley Commercial Centre, 87-105 Chatham Road, in
Tsimshatsui, Kowloon.

At the meeting, Chan, Francis Chok Fai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



=========
I N D I A
=========

GENERAL MOTORS: 3rd Qtr Vehicle Sales Down 11.4% to 2.1 Million
---------------------------------------------------------------
General Motors Corp. said Oct. 29 that it sold more than 2.1
million vehicles globally during the third quarter of 2008, down
11.4% year over year.  GM said that its latest results reflect
continuing economic pressures in the U.S. market, which pushed
North America sales down 18.9%, and growing pressure in Europe,
where sales were down 12.3%.

Bloomberg News notes that GM is poised to end a 77-year run as the
world's largest automaker, as Michigan-based automaker's latest
results pushed GM's 9-month total to 6.66 million units compared
with 7.05 million for Toyota City, Japan-based Toyota.

GM has not yet disclosed third quarter earnings and revenues.

General Motors sold 2.29 million vehicles in the second quarter,
but that level of sales resulted to a net loss of $15.5 billion on
$38.2 billion of revenues.  According to GM, losses in that
quarter were driven by volume declines -- global vehicle sales
were down 5% year over year, while North American sales slid 20%.

"The recent challenges in the global financial markets, including
credit tightening and the drop in commodity prices, have
negatively impacted market demand.  However, our sales performance
shows that we are continuing to take advantage of new emerging
market opportunities and are meeting customer needs with fuel-
efficient products that offer compelling design and great value,"
Jonathan Browning, vice president, global sales, service and
marketing, said Oct. 29.

"The last quarter has seen unprecedented turmoil in the financial
markets in many places around the world as credit has become
harder to obtain," GM's chief sales analyst, Mike DiGiovanni, said
at a conference call, according to Bloomberg.

General Motors and Chrysler LLC are currently in talks about a
merger.  Cerberus Capital Management LP, which co-owns GMAC with
General Motors Corp. and largest shareholder of Chrysler, supports
the merger and has sought to exchange most of its Chrysler
holdings for a larger share of GMAC.
Citing people involved in the GM-Chrysler talks, The Wall Street
Journal stated that GM and Chrysler estimate that a combined
entity would need $10 billion in new equity for layoffs, plant
shutdowns, integration of GM and Chrysler, and to provide
liquidity.

Chrysler and GM, as well as the third of the Michigan Big 3, Ford
Motor Company, have been under pressure to stem losses amid an
industry-wide slump in sales.  GM, however, has noted increase
sales by Chevrolet in emerging markets, and record sales in two
regions.  However, according to Mr. DiGiovanni, in emerging
markets "there was not quite enough volume in the third quarter to
offset the weakness in North America."

"Our sales performance during the third quarter saw increases by
Chevrolet outside North America and Wuling and GM Daewoo
regionally," Mr. Browning has said.

Chevrolet sales in Asia Pacific, the industry's second-largest
region, grew 5.3% compared with the third quarter a year ago.
Chevrolet sales in China (up 4.3 percent) and India (up 4.9
percent) powered much of this growth.  The Wuling brand continued
strong growth in China with sales up 21.9 percent in the third
quarter compared to the same period a year ago.

In the Latin America, Africa and Middle East region -- a
traditional Chevrolet stronghold -- sales grew 3.4% compared with
the third quarter 2007.  Chevrolet accounted for 90% of GM's third
quarter sales in the region.

Chevrolet sales in Europe also contributed to the brand's solid
third-quarter results, growing 2.7%.  Chevrolet is seeing strong
growth in emerging markets including Eastern Europe.  Chevrolet
was up 6.2% for the first nine months of the year in Russia.  In
addition, Opel sales in Russia increased by 39 percent, while Saab
increased 90.4 percent.

Chevrolet sales in North America were down 16.6%; however, GM
added production capacity to satisfy the strong demand for the
all-new Malibu sedan.

Sales of Cadillac outside of the United States grew 10.7% in the
third quarter, supported by strong growth of the brand in Latin
America, Africa and Middle East (up 10 percent) and Asia Pacific
(up 39.2 percent).  Cadillac sales in Europe were down 9.3%.  In
North America, Cadillac sales declined about 28 percent, largely
reflecting the negative impact of the financing environment in the
luxury vehicle market.

                   About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of
US$15.4 billion over net sales and revenue of US$38.1 billion,
compared to a net income of US$891.0 million over net sales and
revenue of US$46.6 billion for the same period last year.



=================
I N D O N E S I A
=================

BAKRIE GROUP: Still In Talks Over Asset Sale
--------------------------------------------
Bakrie & Brothers Tbk is still in talks with several unnamed
parties over the sale of stakes in its two units as part of a
restructuring plan, Reuters reports citing the company's statement
published on a stock exchange.

"The discussion on the rationalization of the company's portfolios
in Bumi Resources and Energi Mega Persada with potential buyers is
still going on until now," Bakrie & Brothers was quoted by Reuters
as saying.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2008, the company was aiming to settle its US$1.2 billion
debt within that week.

The TCR-AP, citing Reuters, also reported on Oct. 27, that Credit
Suisse is arranging a new loan package for Bakrie's holding
company.

Citing Antara News, the Troubled Company Reporter-Asia Pacific
reported on October 10, that the share trading in six companies
owned by Bakrie Group were suspended on October 7, as its shares
dropped by between a quarter and more than 40%.  The situation had
been aggravated by "rumours, distress news creaters (and) short
sellers" the TCR-AP added citing Reuters.


PAKUWON JATI: S&P Withdraws B- Corporate/Foreign Currency Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B-' long-
term corporate credit rating on Indonesia's PT Pakuwon Jati Tbk
and the 'B-' foreign currency rating on the US$110 million senior
secured notes issued by Pakuwon Jati's wholly owned subsidiary,
Pakuwon Jati Finance B.V., due to insufficient information on the
company's financial position.

This unsolicited rating was initiated by S&P.  It may be based
solely on publicly available information and may or may not
involve the participation of the issuer's management.  S&P has
used information from sources believed to be reliable, but does
not guarantee the accuracy, adequacy, or completeness of any
information used.


* INDONESIA: Snake and Coral Business Hurt by Financial Crisis
--------------------------------------------------------------
Agence France-Presse reports that demand among U.S. and European
consumers for exotic Asian luxuries such as snakes and coral has
nosedived since the onset of the global financial crisis, raising
fears of a surge in smuggling.

"So far this October the orders for live pythons from the U.S. and
Europe are only 10% to 20% of what they were in October last
year," George Saputra of the Indonesian Reptile and Amphibian
Trade Association was quoted by AFP as saying.

Mr. Saputra also told AFP that the economic downturn also means
people are buying less python skin products, as snakeskin is used
to make items for a lifestyle that is of secondary importance now.

With this crises, the news agency noted that there is a
possibility for lay-offs  for some 180,000 people reportedly
employed in the Indonesian snake trade.

Tonny Wahyu of Penta Exomania, an exporter of live pythons,
monitor lizards and frogs, told AFP that aside from U.S. and
Europe -- he is considering for alternative markets such as Japan
and South Korea, but laments that Asian importers can be harder to
deal with.

On the other hand, an exporter of coral and live tropical fish,
Handoko Prawiro, also told AFP that said diversification might
also be the answer, thus he is now eyeing new market opportunities
in the Middle East and Eastern Europe.



=========
J A P A N
=========

AOZORA BANK: Moody's Cuts BFSR to D+; Outlook Negative
------------------------------------------------------
Moody's Investors Service downgraded Aozora Bank, Limited's bank
financial strength rating (BFSR) to D+ from C-, the base line
credit assessments to Baa3 from Baa2, the long-term and short-term
deposit ratings to A3/P-2 from A2/P-1, and senior unsecured debt
rating to A3 from A2. The outlook for these ratings is negative.
This rating action concludes the review initiated on September 18,
2008.

The downgrade reflects Moody's views that Aozora's earnings,
particularly from its domestic investment banking and global
investment businesses, will remain volatile and that the bank's
operating performance will remain under pressure due to a less
favorable environment for businesses funded by wholesale funds.

The rating action also incorporates Moody's concern that Aozora
may face significant challenges with regard to developing a more
stable line of business in the domestic market because of its
limited franchise. The negative rating outlook reflects continuing
uncertainty in the bank's revenue prospects, given an increasingly
difficult operating environment in the domestic market.

Aozora's earnings have been adversely affected by a number of
negative developments recently due mainly to its high dependence
on the relatively volatile wholesale business. Over the past few
years, Aozora has focused on expanding revenues from market-
related credit investments inside and outside Japan. Growth in
revenues came mostly from its investment banking business, which
includes real estate finance, special finance, leveraged finance,
and asset finance.

However, in Moody's views, these businesses are linked to global
credit market developments -- which increases the bank's earnings
volatility -- and Aozora's recent operating performance has been
negatively affected by the turmoil in the global markets. In
particular, the profitability of its investment banking and global
investment businesses remain under pressure. Following large
decline of net profit for FYE March 2008, Aozora also recently
announced a downward revision of its earnings forecasts for both
the first half of and the full year for FYE March 2009. It now
expects a consolidated net loss of JPY 4 billion for the first
half (vs. the previous forecast of a JPY 15.5 billion profit), and
consolidated net profit of JPY 15 billion for the full year (vs.
JPY 26.2 billion). The downward revision was due mainly to
additional write-downs on its investment for GMAC LLC and an
increase in credit-related expenses stemming from current economic
conditions.

Given these circumstances, there is an increasing need for the
bank to shift resources to more stable businesses to manage its
earnings volatility, although, in Moody's view, Aozora's ability
to develop stable domestic businesses is constrained by its
limited franchise. However, Aozora has a strong capital position
and low non-performing loans that would enable it to absorb rising
pressure on its capital from global credit environment.

Further negative pressures on the ratings could emerge should
revenues continue to exhibit higher volatility and should the bank
report lower earnings in relation to the numbers targeted in its
Business Revitalization Plan.

The rating outlooks may return to stable when Aozora can stabilize
its financial performance and generate earnings in line with its
Business Revitalization Plan.

Aozora Bank, Ltd., headquartered in Tokyo, had consolidated total
assets of about JPY7.3 trillion as of March 31, 2008.


GK L-JAC: Fitch Says All 27 Bond Tranches Stays Under Neg. Watch
----------------------------------------------------------------
Fitch Ratings has said that all 27 tranches of bonds and trust
beneficiary interests issued by G.K. L-JAC Four Funding and L-JAC5
Trust remain on Rating Watch Negative, as the replacement of
counterparties has not occurred.  The agency expects to resolve
the RWN before the next interest payment date of each transaction,
in late November 2008.  The ratings affected are listed at the end
of this release.

Under the terms of both transactions, Lehman Brothers Holdings
Inc. and its subsidiaries act as the interest swap counterparty,
and Lehman Brothers Japan Inc acts as the advance provider.
Following the bankruptcy of the Lehman entities in September 2008,
no counterparty replacement has taken place to date, despite the
efforts of the transaction parties.

Future rating actions depend on the replacement of the advance
agent.  The classes placed on RWN address the timely payment of
the interest or dividends.  In both transactions, Fitch assumes
scenarios exist where advancing for certain periods will be
necessary in order to make timely interest payments on the
outstanding classes.  Therefore, the agency considers the
existence of the advance provider to be essential to support the
ratings it has assigned.  Three scenarios are possible: first, an
eligible alternative advance provider could be found, with no
consequent impact on the ratings.  Second, an alternative advance
provider without suitable ratings could step in and without other
supplementary liquidity support.

In this case, the ratings of the tranches rated above the rating
of the new counterparty may be downgraded to the alternative
advance provider's credit rating level.  In the third scenario, no
advance provider may be found, in which case the ratings may
experience multi-category downgrades to the non-investment grade
level.

If the interest swap counterparty is not replaced, the agency will
analyse the transaction based on the assumption that it will be
unhedged under stressed interest rate scenarios.  As a result,
some classes may be downgraded if they cannot survive under the
respective stressed interest rate scenarios.

Fitch will continue to monitor the progress of the counterparty
replacement activities by the transaction parties.  However,
regardless of events, the agency expects to resolve the RWN status
before the next interest payment dates of both transactions in
late November.  Further rating actions will be taken on all
classes at that time.

The tranches from L-JAC4 and L-JAC5 remain on RWN as:

G.K. L-JAC Four Funding
  -- JPY 18.90bn Class A-2 bonds rated 'AAA'; remain on RWN
  -- JPY 4.28bn Class B-2 bonds rated 'AA'; remain on RWN
  -- JPY 4.00bn Class C-2 bonds rated 'A'; remain on RWN
  -- JPY 1.10bn Class D-2 bonds rated 'BBB'; remain on RWN
  -- JPY 1bn Class D-3A bonds rated 'BBB'; remain on RWN
  -- JPY 2.3bn Class D-3B bonds rated 'BBB'; remain on RWN
  -- JPY 0.46bn Class E-2 bonds rated 'BBB-'; remain on RWN
  -- JPY 1.2bn Class E-3 bonds rated 'BBB-'; remain on RWN
  -- JPY 0.29bn Class F-2 bonds rated 'BB+'; remain on RWN
  -- JPY 1.1bn Class F-3 bonds rated 'BB+'; remain on RWN
  -- JPY 0.29bn Class G-2 bonds rated 'BB'; remain on RWN
  -- JPY 0.4bn Class G-3 bonds rated 'BB'; remain on RWN

The Class X-1 and X-2 TBIs (interest only) are unaffected.

L-JAC5 Trust
  -- JPY 37.41bn Class A TBIs rated 'AAA'; remain on RWN
  -- JPY 6.68bn Class B TBIs rated 'AA'; remain on RWN
  -- JPY 5.66bn Class C TBIs rated 'A'; remain on RWN
  -- JPY 1.69bn Class D-1 TBIs rated 'BBB'; remain on RWN
  -- JPY 1.53bn Class D-2 TBIs rated 'BBB'; remain on RWN
  -- JPY 0.60bn Class D-3 TBIs rated 'BBB'; remain on RWN
  -- JPY 0.50bn Class E-1 TBIs rated 'BBB-'; remain on RWN
  -- JPY 0.70bn Class E-2 TBIs rated 'BBB-'; remain on RWN
  -- JPY 0.50bn Class F-1 TBIs rated 'BB+'; remain on RWN
  -- JPY 0.51bn Class F-2 TBIs rated 'BB+'; remain on RWN
  -- JPY 0.50bn Class G-1 TBIs rated 'BB'; remain on RWN
  -- JPY 0.35bn Class G-2 TBIs rated 'BB'; remain on RWN
  -- JPY 0.53bn Class H-1 TBIs rated 'BB-'; remain on RWN
  -- JPY 0.56bn Class I-1 TBIs rated 'B+'; remain on RWN
  -- JPY 0.37bn Class J-1 TBIs rated 'B'; remain on RWN

The Class X-1 and X-2 TBIs (interest only) are unaffected.


* JAPAN: S&P Eyes Downturn in CMBS Transactions From 3Q08 Stats
---------------------------------------------------------------
Standard & Poor's Ratings Services has released a Japanese-
language report detailing rating actions on commercial mortgage-
backed securities (CMBS) transactions in the third quarter of 2008
(July to September) in Japan.  By the end of September 2008, S&P
has placed the ratings on five CMBS transactions on CreditWatch
with negative implications, suggesting possible downward rating
actions in the future.

Until 2008, rating actions on CMBS transactions in Japan had
consisted solely of upgrades.  Around the second half of the year,
however, signs of change started to emerge.  Amid prolonged
turmoil in global financial markets, the number of lenders who
will extend refinancing for loans and specified bonds backing CMBS
transactions is decreasing, suggesting that borrowers are at risk
of being unable to refinance their loans.

Between July and September 2008, S&P raised its rating on only one
CMBS transaction in Japan.  By the end of the quarter, the ratings
on five CMBS transactions had been placed on CreditWatch with
negative implications.

Every quarter, S&P publishes a report on rating actions on
Japanese securitization transactions, covering both new rating
assignments and rating actions.  On Oct. 23, 2008, S&P released a
Japanese-language commentary on securitization transaction trends
in the third quarter of 2008. Together with the aforementioned
commentary, the report is intended to provide market participants
with a wide range of information on transactions in Japan's CMBS
sector, where trends in S&P's rating actions have changed
significantly.


* Moody's Report Explores CDS Impact of Lehman Bros.' Bankruptcy
----------------------------------------------------------------
The bankruptcy of Lehman Brothers has put the CDS market to an
unprecedented test and has resulted in losses in the hundreds of
millions dollars for a number of Moody's-rated firms, but these
CDS market disruptions have not, in and of themselves, resulted in
the downgrade of any rated company to date, Moody's Investors
Service concludes in a new report.

Moody's, however, also sees the possible failure or failures of
other large CDS market participants as a continuing source of
systemic risk. In Moody's opinion, it is highly unlikely that the
CDS market would have been able to deal effectively with a
simultaneous default by AIG -- probably the largest net seller of
CDS protection.

A survey conducted by Moody's of the major Moody's-rated banks and
insurance firms active in the CDS market suggests that the overall
market has fared better than many observers had anticipated.
"Lehman's bankruptcy, although resulting in sizable losses for a
number of market participants, did not lead to the unraveling of
the CDS market," Moody's AVP/Analyst Alexander Yavorsky concludes.

Still, he adds that the emergency unwinding of Lehman's CDS book
by major dealers and hedge funds though the "Risk Reduction
Trading Session" on the weekend preceding Lehman's anticipated
bankruptcy filing demonstrates that the over-the-counter CDS
market is "ill-equipped to reliably deal with such events."

Given Lehman's role as a major CDS dealer, its default and the
resultant credit spread widening left its CDS counterparties
needing to replace lost protection at much higher prices. For a
number of the major CDS dealers, this resulted in losses that,
while substantial, did not fall outside of the range that could be
tolerated at any company's rating level at the time.

Moody's noted that major dealers also did not suffer losses in
excess of their ratings-tolerance on CDS contracts referencing
Lehman Brothers as an obligor, despite the low auction-determined
settlement price of 8.625 cents on the dollar for Lehman's senior
bonds.

"Many dealers had flat or net short CDS exposure to Lehman's
credit as a way to hedge their counterparty exposure to the firm,"
Mr. Yavorsky explains.

The report also discusses what Mr. Yavorsky characterizes as
"encouraging progress" among market participants and regulators to
move the CDS market, or at least a portion of it, to a central
counterparty model. If implemented effectively, a central
clearinghouse could substantially reduce, although not completely
eliminate, counterparty and trade replacement risks. It could also
impose economic limits on effective leverage and excessive credit
exposure by requiring protection sellers to post appropriate
initial margin.

The report "Credit Default Swaps: Market, Systemic, and Individual
Firm Risks in Practice" follows another study published by Moody's
earlier this year to highlight some of the key risks of the CDS
market, the most significant of which the rating agency concluded
at the time was the consequences of a possible default by a major
dealer.

In addition to the report, Moody's will host a teleconference to
discuss its opinion on the credit default swaps market on Monday,
November 3, at 1:00 p.m. EDT.



=========
K O R E A
=========

HYNIX SEMICONDUCTOR: Sees Limited Chip Supply Growth in 2009
------------------------------------------------------------
Hynix Semiconductor Inc. said it expects the memory chip industry
to see supply growth "very much" limited in 2009, as most chip
makers suffer losses and falling chip prices, Reuters reports.

The company, the report relates citing Sen. VP O.C. Kwon, will
also make sure to maintain sufficient liquidity levels.

Hynix Semiconductor Inc. (HSI) of Icheon, Korea --
http://www.hynix.com/-- is a memory semiconductor supplier
offering Dynamic Random Access Memory chips ("DRAMs") and Flash
memory chips to a wide range of established international
customers.  The company's shares are traded on the Korea Stock
Exchange, and the Global Depository shares are listed on the
Luxemburg Stock Exchange.

                          *     *     *

As reported by the Troubled Company Reporter-Asia pacific on
August 6, 2008, Moody's Investors Service changed to negative from
stable the outlook for both Hynix Semiconductor Inc's Ba2
corporate family rating and senior unsecured bond rating.


LG TELECOM: Third Quarter Net Profit Up 0.4% to KRW99.4 Billion
---------------------------------------------------------------
LG Telecom Limited's third quarter profit increased 0.4% to
KRW99.4 billion (US$70.6 million) in the three months to September
from KRW98.3 billion a year earlier, Trading Markets News reports.

According to the report, the company attributed its earnings to
reduced marketing costs.

Sales rose 3.3% on-year to KRW1.2 trillion, and operating profit
climbed 7.5% to KRW123 billion, the report says.

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator.  LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

                       *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
October 6, 2008, Fitch Ratings has changed South Korea-based LG
Telecom Ltd's Outlook to Positive from Stable.  The company's
Long-term foreign currency Issuer Default rating has been affirmed
at 'BB+'.


STANDARD CHARTERED: Moody's Revises D+ BFSR Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has changed the outlook for Standard
Chartered First Bank Korea's (SCFB) bank financial strength rating
(BFSR) to stable from positive.

Consequently, the BFSR -- which has had a positive rating outlook
since May 4, 2007 - stays at D+ and will carry a stable outlook.

"The previous positive outlook on the BFSR reflected the
anticipated positive impact on the bank's franchise and financial
fundamentals under its parent Standard Chartered Bank (SCB;
A2/C+), which acquired the former Korea First Bank in 2005," says
Beatrice Woo, a Moody's Vice President/Senior Credit Officer.

"Specifically, it considered the substantial benefits that SCFB
would have received as part of SCB, including a global brand name,
formidable franchise, vast resources, strong capital and
management skills. The advantages were expected to enhance SCFB's
own franchise and prospects. Finally, the positive outlook
incorporated Moody's expectations that SCFB's core profitability,
which was in a low score category, would improve," says Ms. Woo.

Since its acquisition by SCB, SCFB has aligned itself,
particularly in areas of corporate governance and risk management,
with its parent -- a positive development in Moody's opinion. In
addition, the strength of the balance sheet is moderate.

However, while SCFB has achieved an improved earnings performance
under SCB, the result is slightly lower than the profitability
ratios of other higher rated Korean banks. Moreover, the operating
environment in Korea is facing severe financial and economic
stress with growth prospects expected to weaken and asset quality
to deteriorate.

Therefore, the BFSR is not likely to face upward rating pressure
in the near term and hence the change in the outlook to stable.

With KRW65.7 trillion in assets, SCFB is the sixth largest
nationwide commercial bank in Korea. It has 6% of system assets
and operates a network of 367 branches. SCB's Korean branch was
merged into the bank on November 28, 2005.

SCFB's other ratings are:

   * Global local currency deposit of A2/Prime-1
   * foreign currency senior/subordinated debt of A2/A3
   * foreign currency short-term debt of Prime-1
   * foreign currency long-term/short-term deposit of A2/Prime-1

The outlook for all ratings is stable.



===============
M A L A Y S I A
===============

PRIME UTILITIES: Records No Revenues; Classified as Listed Issuer
-----------------------------------------------------------------
Pursuant to the Amended Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Prime Utilities
Berhad has been classified as an affected listed issuer for having
an insignificant business or operations.  The company's unaudited
First Quarter financial result ended July 31, 2008, recorded no
revenue.

As an affected issuer, the company is required to:

   a) submit a plan to regularize its condition to the relevant
      authorities for approval within eight months from the date
      of the first announcement;

   b) implement the Regularization Plan within the timeframe
      stipulated by the relevant authorities;

   c) announce the status of its Regulation Plan on a monthly
      basis on the first market day of each month following the
      date of the First Announcement until further notice from
      Bursa Securities;

   d) announce its compliance or non-compliance with a particular
      obligation imposed pursuant to Amended PN17/2005 on an
      immediate basis; and

   e) announce the details of the regularization Plan as referred
      to in Paragraph 8.14C(3) of the Listing Requirements, which
      announcement must fulfill the requirements set out in
      Paragraph 3.1A of the Listing Requirements.

In the event the company fails to comply with the obligations to
regularize its condition, all its listed securities will be
suspended from trading on the fifth market day after expiry of the
Submission Timeframe or Implementation Timeframe, as the case may
be, and de-listing proceeding shall commenced against the company.

Currently, the company's Board of Directors is looking into
formulating a Regularization Plan.

Prime Utilities Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the company is engaged in
property development.  The ompany's wholly owned subsidiaries
include PUB Properties Sdn. Bhd. and PUB Development Sdn. Bhd.  In
addition, Prime Utilities Berhad has a 52 % interest in Supreme
Annexe Sdn. Bhd., Berkat Gagah Sdn. Bhd. and LBCN Development Sdn.
Bhd.


WONDERFUL WIRE: CIMB Bank Serves Writ of Summons and Claim
----------------------------------------------------------
Wonderful Wire & Cable Berhad has been served with a writ of
summons and statement of claim by CIMB Bank Berhad for these
claims:

   * total amount outstanding including the principal sum, accrued
     interest and default as at June 30, 2008, of MYR11,915,249.39
     comprising MYR2,181,475.91 and MYR9,733,773.48 from Overdraft
     and Short Term Advance (STA) respectively;

   * interest rate of 8.75% per annum (Base Lending Rate (BLR)
     plus 2% per annum) on the first MYR2,000,000 and 10.25% per
     annum (BLR plus 3.5% per annum) on any amount above the
     approved Overdraft limit of MYR2 million calculated from
     July 1, 2008 until the date full settlement;

   * interest rate of 9.25% per annum together with an additional
     interest rate of 1% per annum default calculated from July 1,
     2008, until the date full settlement; and

   * other reliefs as the Court deems fit.

The claim is part of the company's debts believed to be settled
through the company's regularization plan to regularize its
financial condition that was announced via the Requisite
Announcement on July 31, 2008.

                      About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


* MALAYSIA: NPLs and Bankruptcy Expected to Increase Next Year
--------------------------------------------------------------
Malaysia's banking institutions are expected to see more cases of
loan defaults next year that would likely bring about increasing
number of bankruptcy orders, The Edge Financial Daily reports
citing industry sources.

A source familiar with the management of bad loans in the local
banking industry told The Edge that bankruptcy cases had been "on
the rise" since September, involving both individuals and
companies.

"There is an increase in terms of both the number of cases and the
amount owed.  Most of the loan defaults involve the retail
segment.  There are also more and more defaults in hire-purchase
loans.  The number of delinquent accounts is rising", The Edge
quotes the source as saying.

The source added that it takes time for the spillover effect from
the failure of several US banks and global economy slowdown to
take place, which means that it will surface and get worse next
year, the report notes.

The source, according to the report, also believed that locally
incorporated foreign banks might not see as much NPLs as would the
local banks, with the exception of "one or two" newcomers that had
aggressively extended loans to individuals who were previously
shunned by major banks.


* LAND & GENERAL: MARC Affirms B Rating on RCSLS; Stable Outlook
----------------------------------------------------------------
MARC has affirmed the rating of Land & General Berhad's (L&G)
Redeemable Convertible Secured Loan Stocks (RCSLS) of up to
MYR320,962,637 at B.  The rating carries a stable outlook.  The
affirmed rating reflects the satisfactory progress made in its
ongoing Asset Disposal Programme (ADP), a critical component of a
debt restructuring scheme agreed upon in 2003.  The ADP is
principally providing the funds to service its RCSLS-related debt
service obligations.  The rating on the RCSLS continues to be
constrained by the risk that proceeds from asset sales may be
insufficient and/or that disposals may not occur on a timely basis
to meet L&G's RCSLS obligations.  Additionally, projected
contributions from its property development business may be lower
than anticipated.

L&G has remained largely dormant apart from a few insignificant
on-going businesses, despite the entrance of property developer,
Mayland Parkview Sdn Bhd, as the single largest shareholder since
November 2007.  The group is now focused on its remaining few
property projects. While subsidiary Bandar Sungai Buaya Sdn Bhd,
the developer of Bandar Sungai Buaya, was wound-up by creditors in
July this year, its D'sara Villa project in Bandar Sri Damansara
in Petaling Jaya, Selangor has achieved a take-up rate of 79% to
date for its 24 bungalow lot offering.

Revenue for the group in the near term will continue to be derived
from the ADP, with minimal contribution from its property
development operations.  In FY2008, the group's revenue dipped
significantly by 61% to MYR37.6 million year-on-year (FY2007:
MYR96.1 million); its operating margin rose to 38.6% (FY2007:
34.4%) on the back of a gain on disposal of a jointly-controlled
entity.  The on-going asset disposal has resulted in a significant
reduction in the group's debt-to-equity ratio to 0.69 times from
1.30 times in FY2007.

As of August 12, 2008, the group has redeemed a total of
MYR249.25 million nominal value of RCSLS, of which RM12.02 million
was redeemed in advance, leaving an outstanding nominal amount of
MYR71.71 million or 22.3% of the initial issue size.  MARC notes
that the estimated divestment value of the remaining assets of
MYR89.71 million provides a security coverage ratio of about 1.25
times against the outstanding nominal value of RCSLS.  Recovery
prospects will depend on the operating performance of L&G's
remaining businesses to the extent that any shortfall in asset
sales will have to be met by L&G's operating cash flow.

The stable outlook for the rating is predicated on the expectation
that L&G will continue to demonstrate satisfactory progress in its
ADP.  Positive rating momentum could arise if the outcome of
further asset disposals proves to be more favourable than
anticipated and/or L&G's business and financial profile shows
material improvement.



====================
N E W  Z E A L A N D
====================

A1 PLASTERER: High Court Appoints Joint Liquidators
---------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of A1 Plasterer Limited by the High
Court on October 3, 2008.

The liquidators fixed January 6, 2009, as the day by which the
creditors of the companies are to make their claims and to
establish any priority.

Claims and enquiries to:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013
     Attention: Vivian Fatupaito


AAS MOTOR BODIES: Creditors Must File Claims by November 13
-----------------------------------------------------------
AAS Motor Bodies Limited was placed into liquidation by a special
resolution of shareholders dated October 13, 2008.

Gareth Russel Hoole and Kevin David Pitfield were appointed joint
and several liquidators pursuant to section 241(2)(a).

Creditors had a meeting at the registered office of the
liquidators at Level 9, 45 Queen Street, Auckland, on October 24,
2008, for the purpose of:

   (a) confirming the appointment of liquidators; and

   (b) determining whether the creditors wish to pass any
       resolutions for the purposes of section 258(1)(b) of the
       Companies Act 1993, in relation to the liquidators'
       proposal for the conduct of the liquidation.

The liquidators fixed November 13, 2008, as the day on or before
which creditors of the company are to make their claims and to
establish any priority their claims may have, or be excluded from
the benefit of any distribution made before their claims are made
or, as the case may be, from objecting to any distribution.

Enquiries may be directed by a creditor or member to:

     Staples Rodway Limited, Chartered Accountants
     PO Box 3899
     Auckland 1140
     Telephone: (09) 309 0463


CONSTRUCTION (CARPENTRY): Claims Filing Deadline Is November 15
---------------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft, insolvency
practitioners, were appointed joint and several liquidators
of Construction (Carpentry) Limited (in liquidation) on
October 13, 2008.

The liquidators of Construction (Carpentry) Limited fixed November
15, 2008, as the day on or before which the creditors of the
company are to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution made before their claims are made or, as the case may
be, from objecting to any distribution.

Enquiries may be directed by a creditor or member to:

     Meltzer Mason Heath, Chartered Accountants
     PO Box 6302
     Wellesley Street
     Auckland 1141
     Telephone: (09) 357 6150
     Facsimile: (09) 357 6152
     Enquiries to: Mike Lamacraft


DATASTOR OUTLET: Claims Filing Deadline Ends on November 28
-----------------------------------------------------------
The liquidator of Datastor Outlet Disposals Limited fixed November
28, 2008, as the day on or before which the creditors of the
company are to make their claims and to establish any priority
their claims may have, or be excluded from the benefit of any
distribution made before the claims are made or, as the case may
be, from objecting to the distribution.

The liquidator is:

     D. C. PARSONS
     Indepth Forensic Limited, Insolvency Practitioners
     PO Box 278
     Hamilton
     Telephone: (07) 957 8674
     Facsimile: (07) 957 8677


FLUFFY DUCK: High Court Appoints Joint Liquidators
--------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of Fluffy Duck Limited by the High
Court on October 3, 2008.

The liquidators fixed January 6, 2009, as the day by which the
creditors of the companies are to make their claims and to
establish any priority.

Claims and enquiries to:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013
     Attention: Vivian Fatupaito


GREAT SOUTH: High Court Appoints Joint Liquidators
--------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of Great South Property Holdings
Limited by the High Court on October 3, 2008.

The liquidators fixed January 6, 2009, as the day by which the
creditors of the companies are to make their claims and to
establish any priority.

Claims and enquiries to:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013
     Attention: Vivian Fatupaito


HOFENI (HUNTERS PLAZA): Shareholders Resolve to Liquidate Firm
--------------------------------------------------------------
It was resolved by special resolution of the shareholders of
Hofeni (Hunters Plaza) Limited on October 14, 2008, that the
company be liquidated and that Grant Bruce Reynolds, insolvency
practitioner of Auckland, be appointed liquidator for that
purpose.

Creditors and shareholders may direct their enquiries to Grant
Reynolds during normal business hours at:

     Reynolds and Associates Limited
     PO Box 259059
     Greenmount, Auckland
     Telephone: (09) 526 0743
     Facsimile: (09) 526 0748


HORSHAM DOWNS: High Court Appoints Joint Liquidators
----------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of Horsham Downs Development Limited
by the High Court on October 9, 2008.

The liquidators fixed January 12, 2009, as the day by which the
creditors of the companies are to make their claims and to
establish any priority.

Claims and enquiries to:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013
     Attention: Vivian Fatupaito


JDW MODELS: High Court Appoints Joint Liquidators
-------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of Horsham Downs Development Limited
by the High Court on October 9, 2008.

The liquidators fixed January 12, 2009, as the day by which the
creditors of the companies are to make their claims and to
establish any priority.

Claims and enquiries to:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013
     Attention: Vivian Fatupaito


KINGSVIEW PROPERTY: Claims Filing Deadline Ends November 18
-----------------------------------------------------------
On October 14, 2008, it was resolved by special resolution of
shareholders that Kingsview Property and Development Company
Limited be liquidated and that Stephen Mark Lawrence and Anthony
John McCullagh, insolvency practitioners of PKF Corporate Recovery
& Insolvency (Auckland) Limited, be appointed joint and several
liquidators for that purpose.

The liquidators have fixed November 18, 2008, as the day on or
before which the creditors are to make their claims and to
establish any priority their claims may have, or be excluded from
the benefit of any distribution made before the claims are made
or, as the case may be, from objecting to the distribution.

The liquidators can be reached at:

     PKF Corporate Recovery & Insolvency (Auckland) Limited
     PO Box 3678
     Auckland 1140
     Telephone: (09) 306 7424
     Facsimile: (09) 302 0536
     Attention: Chris McCullagh


KUMEU CIVIL: Creditors Must File Claims by November 17
------------------------------------------------------
Shareholders of Kumeu Civil Limited on October 13, 2008, appointed
Paul Graham Sargison and Gerald Stanley Rea, chartered accountants
of Auckland, as liquidators.

Creditors have until November 17, 2008, to prove their debts or
claims and to establish any title they may have to priority, or be
excluded from the benefit of any distribution made before the
debts are proved or, as the case may be, from objecting to the
distribution.

The liquidators can be reached at:

     Gerry Rea Partners
     PO Box 3015
     Auckland
     Telephone: (09) 377 3099
     Facsimile: (09) 377 3098


L TULIKIHAKAU: High Court Appoints Joint Liquidators
----------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of L Tulikihakau International
Packers Limited by the High Court on October 9, 2008.

The liquidators fixed January 12, 2009, as the day by which the
creditors of the companies are to make their claims and to
establish any priority.

Claims and enquiries to:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013
     Attention: Vivian Fatupaito


LINING SERVICE: Court to Hear Wind-Up Petition on November 19
-------------------------------------------------------------
On August 7, 2008, an application to put Lining Service (2007)
Limited, formerly Auckland Lining Services (2007) Limited and
Auckland Services Limited, into liquidation was filed in the High
Court at Auckland.

The application is to be heard before the High Court at Auckland
on November 19, 2008, at 10:45 a.m.

The plaintiff is Aston Building Limited (in liquidation), whose
address for service is at the offices of Hucker & Associates,
Ground Floor, Hobson Towers West, 26-28 Hobson Street, Auckland.
Telephone: (09) 368 1810. Facsimile: (09) 368 1814.

The plaintiff's solicitor is R. B. HUCKER.


NATIVE SOUP: Joint Liquidators Appointed
----------------------------------------
On October 13, 2008, it was resolved by special resolution that
Native Soup Limited be liquidated and that Roderick T. McKenzie
and Lyn M. Carey of McKenzie & Partners Limited, Chartered
Accountants, Palmerston North, be appointed liquidators.

The liquidators have fixed November 14, 2008, as the last day for
creditors to make their claims and to establish any priority their
claims may have under section 312 of the Companies Act 1993.

Creditors who have not made a claim at the date a distribution is
declared may be excluded from the benefit of that distribution and
may not object to that distribution.

The liquidators can be reached at:

     McKenzie & Partners Limited
     484 Main Street, Level 1
     PO Box 12014, Palmerston North
     Telephone: (06) 354 9639
     Facsimile: (06) 356 2028


MERLOT INVESTMENTS: Court to Hear Wind-Up Petition on Nov. 28
-------------------------------------------------------------
On September 18, 2008, an application to put Merlot Investments
Limited into liquidation was filed in the High Court at Auckland.

The application is to be heard before the High Court at Auckland
on November 28, 2008 at 10:45 a.m.

The plaintiff is Barbican Publishing Limited, whose address for
service is at the offices of Kevin McDonald & Associates,
Solicitors, Level 11, Takapuna Towers,
19-21 Como Street (PO Box 331065 or DX BP 66086), Takapuna,
Auckland. Telephone: (09) 486 6827. Facsimile: (09) 486 5082.

The plaintiff's solicitor is KEVIN PATRICK MCDONALD.


PAULMEN SEALS: Creditors Must File Claims by December 26
--------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of Paulmen Seals Limited (in
liquidation) by the High Court on September 26, 2008.

The liquidators fixed December 26, 2008, as the day by which the
creditors of the company are to make their claims and to establish
any priority.

Claims and enquiries to:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013.
     Attention: Adrienne Stone


WESTERN WOODCRAFT: Creditors Must File Claims by November 3
-----------------------------------------------------------
Shareholders of WESTERN WOODCRAFT (2003) Limited on October 15,
2008, at 2:00 p.m., appointed Peter Charles Chatfield, chartered
accountant, and Stephen Rex Tietjens, both of Auckland, jointly
and severally as liquidators.

Creditors have until November 3, 2008, to prove their debts or
claims and to establish any title they may have to priority, or be
excluded from the benefit of any distribution made before the
debts are proved or, as the case may be, from objecting to the
distribution.

The liquidators can be reached at:

     Accru Smith Chilcott Limited, Chartered Accountants
     Auckland Finance Building, Level 5
     57 Fort Street
     Auckland 1010
     Postal Address: PO Box 5545, Wellesley Street, Auckland 1141
     Telephone: (09) 379 8035
     Facsimile: (09) 307 8892


WILTON CLASSICS: High Court Appoints Joint Liquidators
------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of Wilton Classics Limited by the
High Court on October 3, 2008.

The liquidators fixed January 6, 2009, as the day by which the
creditors of the companies are to make their claims and to
establish any priority.

Claims and enquiries to:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013
     Attention: Vivian Fatupaito


SYDNEY PRODUCTIONS: High Court Appoints Joint Liquidators
---------------------------------------------------------
Vivian Judith Fatupaito, insolvency practitioner, and Colin Thomas
McCloy, chartered accountant, both of Auckland, were appointed
joint and several liquidators of Sydney Productions (no.1) Limited
by the High Court on October 9, 2008.

The liquidators fixed January 12, 2009, as the day by which the
creditors of the companies are to make their claims and to
establish any priority.

Claims and enquiries to:

     PricewaterhouseCoopers
     Private Bag 92162
     Victoria Street West
     Auckland 1142
     Telephone: (09) 355 8000
     Facsimile: (09) 355 8013
     Attention: Vivian Fatupaito



=====================
P H I L I P P I N E S
=====================

HABIB BANK: Moody's Cuts Local Currency Deposit Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local
currency deposit ratings of all four rated Pakistani banks --
National Bank of Pakistan, Habib Bank Ltd, United Bank Ltd and MCB
Bank Ltd -- to Ba2 following the downgrade of the country's local
currency deposit ceiling to Ba2 from Baa2. The short-term local
currency deposit ratings of two of the banks have also been
downgraded to Not Prime.

Moody's has also placed the B3 long-term foreign currency deposit
ratings of the four banks on review for possible downgrade, in
line with a similar rating action on Pakistan's B3 foreign
currency deposit ceiling, as this ceiling acts as a constraint on
these deposit ratings.

All four banks' current bank financial strength ratings (BFSRs)
are unaffected.

The rating actions are:

   * Habib Bank Ltd: Long-term local currency deposit rating is
     downgraded to Ba2 from Ba1, Long-term foreign currency
     deposit rating of B3 is placed on review for downgrade, BFSR
     of D- with stable outlook remains unaffected

Moody's decision to downgrade Pakistan's local currency deposit
ceiling to Ba2 from Baa2 reflects the risk that, in the currently
difficult economic circumstances, the government's ability to
support the country's banks in case of emergency has diminished.
The decision to place Pakistan's B3 foreign currency bank deposit
ceiling on review for possible downgrade followed a downgrade of
the government's bond rating to B3 from B2, reflecting the
substantial erosion in the country's external liquidity position.

The banks' BFSRs, which reflect their intrinsic financial
position, and their stable outlook remain unaffected by this
rating action. However, Moody's cautions that, in the event of a
possible prolonged economic deterioration or increased
difficulties faced by the government in servicing its debt, the
BFSRs could also potentially be adversely affected going forward.

"In particular, a potential failure by the Pakistani government to
refinance its domestic debt obligations and a possible
rescheduling of any such debt held by the banking system, could
lead to significant losses for the rated banks that would likely
have adverse implications for their BFSRs. In addition, a
deterioration in asset quality that is more severe than currently
anticipated could place increased pressure on the banks' earnings
through higher credit costs and could also exert significant
downward pressure on their BFSRs," cautioned Nondas Nicolaides,
lead analyst at Moody's for Pakistani banks.

For the time being, however, Moody's continues to regard Pakistani
banks overall as displaying satisfactory financial fundamentals
and solid franchises. "Although challenging financial market
conditions during the second and third quarters of 2008 had an
impact on the liquidity position and performance of the rated
Pakistani banks, their overall financial standing remains adequate
in terms of both business growth and profitability at their
currently low BFSR levels," Mr. Nicolaides added.

The outlook on the long-term local currency ratings is now stable.
As all four banks' short-term local and foreign currency deposit
ratings are now rated Not Prime, the outlook on these ratings is
also stable.

Headquartered in Karachi, Habib Bank Ltd had total assets of
PKR742.7 billion (US$9.5 billion) at the end of September 2008.


MCB BANK: Moody's Cuts Local Currency Deposit Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service has downgraded the long-term local
currency deposit ratings of all four rated Pakistani banks --
National Bank of Pakistan, Habib Bank Ltd, United Bank Ltd and MCB
Bank Ltd -- to Ba2 following the downgrade of the country's local
currency deposit ceiling to Ba2 from Baa2. The short-term local
currency deposit ratings of two of the banks have also been
downgraded to Not Prime.

Moody's has also placed the B3 long-term foreign currency deposit
ratings of the four banks on review for possible downgrade, in
line with a similar rating action on Pakistan's B3 foreign
currency deposit ceiling, as this ceiling acts as a constraint on
these deposit ratings.

All four banks' current bank financial strength ratings (BFSRs)
are unaffected.

The rating actions are:

   * MCB Bank Ltd: Local currency deposit ratings are downgraded
     to Ba2/NP from Baa3/P-3, Long-term foreign currency deposit
     rating of B3 is placed on review for downgrade, BFSR of D
     with stable outlook remains unaffected

Moody's decision to downgrade Pakistan's local currency deposit
ceiling to Ba2 from Baa2 reflects the risk that, in the currently
difficult economic circumstances, the government's ability to
support the country's banks in case of emergency has diminished.
The decision to place Pakistan's B3 foreign currency bank deposit
ceiling on review for possible downgrade followed a downgrade of
the government's bond rating to B3 from B2, reflecting the
substantial erosion in the country's external liquidity position.

The banks' BFSRs, which reflect their intrinsic financial
position, and their stable outlook remain unaffected by this
rating action. However, Moody's cautions that, in the event of a
possible prolonged economic deterioration or increased
difficulties faced by the government in servicing its debt, the
BFSRs could also potentially be adversely affected going forward.

"In particular, a potential failure by the Pakistani government to
refinance its domestic debt obligations and a possible
rescheduling of any such debt held by the banking system, could
lead to significant losses for the rated banks that would likely
have adverse implications for their BFSRs. In addition, a
deterioration in asset quality that is more severe than currently
anticipated could place increased pressure on the banks' earnings
through higher credit costs and could also exert significant
downward pressure on their BFSRs," cautioned Nondas Nicolaides,
lead analyst at Moody's for Pakistani banks.

For the time being, however, Moody's continues to regard Pakistani
banks overall as displaying satisfactory financial fundamentals
and solid franchises. "Although challenging financial market
conditions during the second and third quarters of 2008 had an
impact on the liquidity position and performance of the rated
Pakistani banks, their overall financial standing remains adequate
in terms of both business growth and profitability at their
currently low BFSR levels," Mr. Nicolaides added.

The outlook on the long-term local currency ratings is now stable.
As all four banks' short-term local and foreign currency deposit
ratings are now rated Not Prime, the outlook on these ratings is
also stable.

Headquartered in Lahore, MCB Bank Ltd had total assets of PKR456.2
billion (US$5.8 billion) at the end of September 2008.


NATIONAL BANK: Moody's Cuts Local Currency Deposit Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local
currency deposit ratings of all four rated Pakistani banks --
National Bank of Pakistan, Habib Bank Ltd, United Bank Ltd and MCB
Bank Ltd -- to Ba2 following the downgrade of the country's local
currency deposit ceiling to Ba2 from Baa2. The short-term local
currency deposit ratings of two of the banks have also been
downgraded to Not Prime.

Moody's has also placed the B3 long-term foreign currency deposit
ratings of the four banks on review for possible downgrade, in
line with a similar rating action on Pakistan's B3 foreign
currency deposit ceiling, as this ceiling acts as a constraint on
these deposit ratings.

All four banks' current bank financial strength ratings (BFSRs)
are unaffected.

The rating actions are:

   * National Bank of Pakistan: Local currency deposit ratings
     are downgraded to Ba2/NP from Baa2/P-3, Long-term foreign
     currency deposit rating of B3 is placed on review for
     downgrade, BFSR of D with stable outlook remains unaffected

Moody's decision to downgrade Pakistan's local currency deposit
ceiling to Ba2 from Baa2 reflects the risk that, in the currently
difficult economic circumstances, the government's ability to
support the country's banks in case of emergency has diminished.
The decision to place Pakistan's B3 foreign currency bank deposit
ceiling on review for possible downgrade followed a downgrade of
the government's bond rating to B3 from B2, reflecting the
substantial erosion in the country's external liquidity position.

The banks' BFSRs, which reflect their intrinsic financial
position, and their stable outlook remain unaffected by this
rating action. However, Moody's cautions that, in the event of a
possible prolonged economic deterioration or increased
difficulties faced by the government in servicing its debt, the
BFSRs could also potentially be adversely affected going forward.

"In particular, a potential failure by the Pakistani government to
refinance its domestic debt obligations and a possible
rescheduling of any such debt held by the banking system, could
lead to significant losses for the rated banks that would likely
have adverse implications for their BFSRs. In addition, a
deterioration in asset quality that is more severe than currently
anticipated could place increased pressure on the banks' earnings
through higher credit costs and could also exert significant
downward pressure on their BFSRs," cautioned Nondas Nicolaides,
lead analyst at Moody's for Pakistani banks.

For the time being, however, Moody's continues to regard Pakistani
banks overall as displaying satisfactory financial fundamentals
and solid franchises. "Although challenging financial market
conditions during the second and third quarters of 2008 had an
impact on the liquidity position and performance of the rated
Pakistani banks, their overall financial standing remains adequate
in terms of both business growth and profitability at their
currently low BFSR levels," Mr. Nicolaides added.

The outlook on the long-term local currency ratings is now stable.
As all four banks' short-term local and foreign currency deposit
ratings are now rated Not Prime, the outlook on these ratings is
also stable.

Headquartered in Karachi, National Bank of Pakistan had total
assets of PKR798.1 billion (US$11.7 billion) at the end of June
2008.


UNITED BANK: Moody's Cuts Local Currency Deposit Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local
currency deposit ratings of all four rated Pakistani banks --
National Bank of Pakistan, Habib Bank Ltd, United Bank Ltd and MCB
Bank Ltd -- to Ba2 following the downgrade of the country's local
currency deposit ceiling to Ba2 from Baa2. The short-term local
currency deposit ratings of two of the banks have also been
downgraded to Not Prime.

Moody's has also placed the B3 long-term foreign currency deposit
ratings of the four banks on review for possible downgrade, in
line with a similar rating action on Pakistan's B3 foreign
currency deposit ceiling, as this ceiling acts as a constraint on
these deposit ratings.

All four banks' current bank financial strength ratings (BFSRs)
are unaffected.

The rating actions are:

   * United Bank Ltd: Long-term local currency deposit rating is
     downgraded to Ba2 from Ba1, Long-term foreign currency
     deposit rating of B3 is placed on review for downgrade, BFSR
     of D- with stable outlook remains unaffected

Moody's decision to downgrade Pakistan's local currency deposit
ceiling to Ba2 from Baa2 reflects the risk that, in the currently
difficult economic circumstances, the government's ability to
support the country's banks in case of emergency has diminished.
The decision to place Pakistan's B3 foreign currency bank deposit
ceiling on review for possible downgrade followed a downgrade of
the government's bond rating to B3 from B2, reflecting the
substantial erosion in the country's external liquidity position.

The banks' BFSRs, which reflect their intrinsic financial
position, and their stable outlook remain unaffected by this
rating action. However, Moody's cautions that, in the event of a
possible prolonged economic deterioration or increased
difficulties faced by the government in servicing its debt, the
BFSRs could also potentially be adversely affected going forward.

"In particular, a potential failure by the Pakistani government to
refinance its domestic debt obligations and a possible
rescheduling of any such debt held by the banking system, could
lead to significant losses for the rated banks that would likely
have adverse implications for their BFSRs. In addition, a
deterioration in asset quality that is more severe than currently
anticipated could place increased pressure on the banks' earnings
through higher credit costs and could also exert significant
downward pressure on their BFSRs," cautioned Nondas Nicolaides,
lead analyst at Moody's for Pakistani banks.

For the time being, however, Moody's continues to regard Pakistani
banks overall as displaying satisfactory financial fundamentals
and solid franchises. "Although challenging financial market
conditions during the second and third quarters of 2008 had an
impact on the liquidity position and performance of the rated
Pakistani banks, their overall financial standing remains adequate
in terms of both business growth and profitability at their
currently low BFSR levels," Mr. Nicolaides added.

The outlook on the long-term local currency ratings is now stable.
As all four banks' short-term local and foreign currency deposit
ratings are now rated Not Prime, the outlook on these ratings is
also stable.

Headquartered in Karachi, United Bank Ltd had total assets of
PKR618.1 billion (US$7.9 billion) at the end of September 2008.



=================
S I N G A P O R E
=================

BUNGALOW BAR: Court Enters Wind-Up Order
----------------------------------------
On October 17, 2008, the High Court of Singapore entered an order
to have Bungalow Bar & Grill Pte. Ltd.'s operations wound up.

Yang Yung Ping filed the petition against the company.

The company's liquidator is:

          The Official Receiver
          45 Maxwell Road #05-11/#06-11
          The URA Centre (East Wing)
          Singapore 069118


CLIMB ADVENTURE: Court to Hear Wind-Up Petition on November 7
-------------------------------------------------------------
A petition to have Climb Adventure (Pacific) Pte. Ltd.'s
operation's wound up will be heard before the High Court of
Singapore on November 7, 2008, at 10:00 a.m.

Pangjwee Development Pte Ltd filed the petition against the
company on October 10, 2008.

Pangjwee Development's solicitors are:

          Bee See & Tay
          10 Anson Road, #24-11 International Plaza
          Singapore 079903


HING YIP: Pays Dividend to Creditors
------------------------------------
Hing Yip Containers Pte. Ltd., which is in voluntary liquidation,
has paid the first and final dividend to its creditors on Oct. 24,
2008.

The company paid 100% of dividend to its unsecured creditors.

The company's liquidator is:

          Mick Aw
          c/o 10 Anson Road
          #29-15 International Plaza
          Singapore 079903


PROJECTOR S.A.: Court to Hear Wind-Up Petition on November 7
------------------------------------------------------------
A petition to have Projector S.A.'s operations wound up will be
heard before the High Court of Singapore on November 7, 2008, at
10:00 a.m.

The petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road #18-00
          AIA Tower, Singapore 048542


SOUTHERN CROSS: Court Enters Wind-Up Order
------------------------------------------
On October 3, 2008, the High Court of Singapore entered an order
to have Southern Cross Marine Supplies (Singapore) Pte Ltd's
operations wound up.

Marinehub Pte Ltd filed the petition against the company.

The company's liquidator is:

          The Official Receiver
          Insolvency & Public Trustee's Office
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118



===============
X X X X X X X X
===============

* S&P Expects Public-Private Deals in Global Infrastructure Sector
------------------------------------------------------------------
Faced with a lack of funds to repair and construct transportation
infrastructure, countries around the globe are increasingly
turning to privatization as a solution, according to a report
published by Standard & Poor's Ratings Services titled "How
Public-Private Partnerships Could Pave The Way For Global
Infrastructure Upgrades."

The idea has been around for a while, particularly in Europe.
France, for example, has relied on private funding for more than
3,000 miles of intercity highways since World War II.

"Now, following Europe's lead, the U.S. and countries in Asia
and Latin America are also looking to investors to help rebuild
and refurbish transportation grids that simply can't meet the
needs of growing populations," said S&P's chief economist David
Wyss.

Countries around the world are turning to increasing public-
private partnerships (PPP) to draw more investment in
infrastructure projects.  Typically, PPPs are ventures financed
and operated by a partnership of a state or municipal government
and one or more private-sector entities.  While these agreements
can vary in detail, many involve the use of tax revenues for
investment, with operations run jointly, or an initial private-
sector investment with the promise of future revenues, such as the
collection of bridge tolls.  Worldwide, governments and investors
have made more than 1,100 transportation-related deals, valued at
US$360 billion, in the past two decades alone, according to the
U.S. Dept. of Transportation.

PPP test cases are popping up in the U.S.  In November of 2006,
Pennsylvania Governor Ed Rendell broached the idea of leasing
the Pennsylvania Turnpike to a private consortium -- not only to
repair and operate the toll road, but to help raise money to
improve other infrastructure in the state.  Emulating examples
of similar arrangements in Illinois, Texas, and Virginia, the plan
awaits the Pennsylvania legislature's vote.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


                                                          Total
                                        Total      Shareholders
  Company                     Ticker    Assets           Equity
  -------                     ------    ------     ------------


AUSTRALIA

ALLSTATE EXPLORA            ALX      19475948.06    -55701562.21
ALLSTATE EXPL-PP          ALXCC      19475948.06    -55701562.21
ARC EXPLORATION             ARX      62788281.83    -15887498.05
AUSTAR UNITED               AUN     525792750.27   -234920614.74
ANTARES ENERGY L            AZZ      16206865.02     -4360823.49
BIRON APPAREL LT            BIC      19714696.58     -2220966.38
CROESUS MINING              CRS      16003775.41    -13810602.53
ETW CORP LTD                ETW     103802518.43    -50235720.07
FORTESCUE METALS            FMG    4953609067.39  -1569054539.95
FULCRUM EQUITY L            FUL      40084850.86     -8005219.71
IRONCLAD MINING             IFE      20074674.72      -122332.34
INTELLECT HLDGS             IHG      18249165.02    -15491314.65
KH FOODS LTD                KHF      38397298.77     -6790996.77
KH FOODS LTD-PRF          KHFPA      38397298.77     -6790996.77
LAFAYETTE MIN               LAF     105242488.96   -190865147.08
METAL STORM LTD             MST      14309990.04     -5126677.71
RESIDUAL ASSC-EE          RAGXF     597811247.79   -127065633.16
TOOTH & CO LTD              TTH     127958995.62    -90226867.34
VERTICON GROUP              VGP      31281875.52    -12392178.43


CHINA

SHENZ SEG DASH-A         000007     101024087.57     -1144993.15
SHENZ CHINA BI-A         000017      29379003.11   -244527119.11
SHENZHEN SHENXIN         000034      44989232.03   -113368102.97
CHINA KEJIAN-A           000035      65124488.98   -167311537.11
SHENZHEN KONDA-A         000048     155014461.99    -24446764.56
HUNAN ANPLAS CO          000156      83999120.28    -81350940.74
ZHANGJIAJIE TO-A         000430      51011060.62     -8247159.63
DANDONG CHEM F-A         000498     115942688.34    -91597754.91
SUCCESS INFORMAT         000517      30118378.44    -14826121.30
GUANGDONG MEIYA          000529      66438321.52    -62407433.87
GUANGXIA YINCH-A         000557      53463085.53    -61325483.02
CHANG LING GROUP         000561      49675731.32   -115810769.64
QINGHAI SALT L-A         000578     105635944.61     -4914371.18
GUANGMING GRP FU         000587      62369338.74    -12083332.13
FUJIAN CFC IND-A         000592      24196604.92    -19615146.80
YUEYANG HENGLI-A         000622      40266532.05    -14337174.21
LAN BAO TECH INF         000631      29435531.87    -22701113.38
CHINA LIAONING-A         000638      15426138.26     -5698465.09
CHENGDU UNION-A          000693      59526570.13      -188881.87
JIAOZUO XIN'AN-A         000719      50815905.85    -25450082.53
FUJIAN SANNONG-A         000732      64417775.39    -90239301.91
CHONGWING INTL-A         000736      24753183.26    -13379849.30
SICHUAN DIRECT-A         000757     128549383.42   -102619767.95
CHINESE.COM LOGI         000805      12721114.23    -20567498.78
SHENZHEN DAWNC-A         000863      36847332.84   -142582249.37
STELLAR MEGAUNIO         000892      64925448.82   -162463426.22
HUNAN AVA HOLDIN         000918     176943487.87    -11256248.54
GUANGDONG KEL-A          000921     710500493.66    -81769686.15
ANHUI KOYO GROUP         000979      64278169.26    -30778923.55
SHENZ CHINA BI-B         200017      29379003.11   -244527119.11
AMOI ELECTRONICS         600057     414934259.50    -30399649.61
SUNTIME INTERN-A         600084     372799912.67    -50592426.40
SHANG WORLDBES-A         600094     327982181.09   -175167931.11
MIANYANG GAO-A           600139      30657523.00    -12436839.12
HEBEI BAOSHUO CO         600155     313380313.25   -212285683.69
HUATONG TIANXI-A         600225      73838152.81    -41138558.42
TAIYUAN TIANLON          600234      12693007.72    -51581680.70
TIBET SUMMIT IND         600338      73500256.4     -16424030.52
CHONGQING CHANG          600369      98865860.45       -62635.84
QINGHAI SUNSHI-A         600381      47308342.77    -49663000.79
WINOWNER GROUP C         600681      21498115.00    -81284231.50
HEBEI JINNIU C-A         600722     379299949.84     -2890480.98
SUNTEK TECHNOLOG         600728      44691434.84    -22949595.64
FUJIAN START-A           600734     105659572.63    -14337777.19
TIANJIN MARINE           600751      75440814.59    -26602770.52
TOPSUN SCIENCE-A         600771     232677660.69   -131983172.54
XIAMEN OVERSEAS          600870     433188523.84    -13781679.05
HUDA TECHNOLOG-A         600892      18459084.32     -1904039.85
NINGBO YIDONG-H            8249      69340994.63     -3871292.31
TIANJIN MARINE-B         900938      75440814.59    -26602770.52
SHANG WORLDBES-B         900940     327982181.09   -175167931.11
HISENSE ELEC-H              921     710500493.66    -81769686.15


HONG KONG

CHIA TAI ENTERPR            121     313740803.76    -49562387.78
OCEAN GRAND CHEM           2882      12274432.29    -46252280.18
OCEAN GRAND CHEM           2963      12274432.29    -46252280.18
ASIA TELEMEDIA L            376      16618871.08     -5369335.42
NEW CITY CHINA              456     113178595.4      -9932226.54
EGANAGOLDPFEIL               48     557892423.39   -132858951.98
PALADIN LTD                 495     195889101.1 0    -8750304.44
CHINA GRAND PHAR            512      25475864.66     -5364831.04
PALADIN LTD -PRE            642     195889101.10     -8750304.44
CHINA HEALTHCARE            673      25241048.66     -5730603.97
APTUS HLDGS LTD            8212      52396593.4 0    -2271238.13
CORE HEALTHCARE            8250      29519436.49    -33721480.68
TAKSON HLDGS                918      11351347.49     -2111248.10


INDIA

ARTSON ENGR                 ART      10310745.75      -705781.13
ASHIMA LTD                 ASHM      96567160.75    -42591314.74
BHAGHEERATHA ENG           BGEL      22646453.72    -28195273.09
BALAJI DISTILLER            BLD      59974008.41    -50890026.26
BELLARY STEELS             BSAL     512415670.40   -101442229.54
CFL CAPITAL FIN           CEATF      20637497.85    -48884440.84
CORE HEALTHCARE            CPAR     185364966.99   -241912027.81
DUNCANS INDUS               DAI      164653351.9    -220922929.9
DIGJAM LTD                 DGJM      98769193.78    -14620180.53
DISH TV INDIA              DITV     302059215.40   -112859159.26
GANESH BENZOPLST            GBP      77840261.61    -41865917.86
GUJARAT SIDHEE             GSCL      59440728.18      -660003.43
GUJARAT STATE FI            GSF      43595348.8 0  -195237605.32
HIMACHAL FUTURIS           HMFC     633329926.05   -104792044.71
HMT LTD                     HMT     206932743.85   -263572925.12
HINDUSTAN PHOTO            HPHT      95115323.23   -953348180.90
IFB INDS LTD               IFBI      50668510.63    -65490798.77
INDIA STEEL WORK            ISI      56764895.94     -1474355.11
JCT ELECTRONICS            JCTE     122542558.6 0   -49996834.55
JK SYNTHETICS               JKS      20208078.76     -2171303.89
JENSON & NIC LTD             JN      15734678.26    -92089109.12
KALYANPUR CEMENT           KCEM      37538318.01    -41771703.35
LML LTD                     LML      86798822.39    -27966179.74
LLOYDS METALS              LYDM      76625324.31      -409399.15
LLOYDS STEEL IND           LYDS     392561769.16   -102160401.76
MAFATLAL INDS               MFI     123632655.22    -83841435.12
MILLENNIUM BEER             MLB      39726352.09      -732186.48
NATH PULP & PAP            NPPM      11602126.35    -34768739.20
PAREKH PLATINUM            PKPL      61081050.43    -88849040.15
PANCHMAHAL STEEL            PMS      51024827.03      -325116.26
PSI DATA SYSTEMS            PSI      11676002.06     -2481336.90
PTL ENTERPRIESES           PTLE      54293986.93      -397481.92
PANYAM CEMENTS              PYC      30241162.87     -9403739.61
ROLLATAINERS LTD            RLT      22965755.05    -22244556.92
REMI METALS GUJA            RMM      45057985.96    -51095300.54
RPG CABLES LTD              RPG      51431409.37    -20192930.18
SIL BUSINESS ENT           SILB      12461159.02    -19961202.41
SPICE COMMUNICAT           SPCM     263692459.52    -19679192.67
SHREE RAMA MULTI           SRMT      81405835.45    -64134056.23
STI INDIA LTD              STIB      44107456.00      -300149.59
TRIVENI GLASS              TRSG      34542881.89     -6209872.78
TATA TELESERVICE           TTLS     857960649.86    -50009972.82
USHA INDIA LTD             USHA      12064900.61    -54512967.31
JOG ENGINEERING             VMJ      50080964.36    -10076436.07
WIRE AND WIRELES            WNW     106984536.93    -23622538.56


INDONESIA

PRIMARINDO ASIA            BIMA      12686983.33    -20685421.96
BUKAKA TEKNIK UT           BUKK      64091324.54    -99365767.69
DAYA SAKTI UNGGU           DSUC      30290429.39     -7119463.92
ERATEX DJAJA               ERTX      24286412.49     -3183944.37
JAKARTA KYOEI ST           JKSW      37341907.08    -40927857.92
KARWELL INDONESI           KARW      33062976.60     -2063732.97
MULIA INDUSTRIND           MLIA     402100859.87   -443184587.78
PANCA WIRATAMA             PWSI      31983823.98    -33728711.13
STEADY SAFE TBK            SAFE      16605580.35     -3310385.85
SURABAYA AGUNG             SAIP     278878601.20    -78093433.67
TEIJIN INDONESIA           TFCO     257071376       -16513500
UNITEX TBK                 UNTX      17007357.73    -11304184.18


JAPAN

MOC CORP                   2363      52273507.78    -12661480.98
LINK ONE                   2403      12290544.83     -5772835
APRECIO CO LTD             2460      18178139.82     -1869347.22
TASCOSYSTEM CO L           2709      55593566.29     -5196409.75
NEXUS                      2799      25436623.18    -18579366.04
NEXTECH CORP               3767      30590298.63    -10123472.98
LINK CONSULTING            4798      50709685.69    -10143185.11
AIREX INC                  6944      44250983.01     -7046916.12
SUMIYA CO                  9939      70815928.91    -10207601.01
COWBOY CO LTD              9971      21323462.40     -5681854.91


KOREA

FIRST FIRE & MAR         000610    2044031310.36     -1780221.91
ORICOM INC               010470      82645454.13    -40039161.33
UNICK CORP               011320      36540788.83     -4449480.74
STARMAX CO LTD           017050      73128066.52     -5536410.53
DAISHIN INFO             020180     740500919.30   -158453978.78
TONG YANG MAGIC          023020     355147750.92    -25767007.75
FATOMENT                 025460      28429133.98    -13916561.10
NANO MINING CO L         036270      18221252.73    -32166924.53
COSMOS PLC               053170      19306498.60     -4948161.34
SEJI CO LTD              053330      37246628.39      -311069.32
MEDIACORP INC            053890      53306304.99    -32219360.77
DAHUI CO LTD             055250     186003859.24     -1504246.54
INNO METAL IZIRO         070080      28564573.80      -330042.51
SINJISOFT CORP           078700      12760558.03    -21014927.26


MALAYSIA

SINJISOFT CORP           078700      12760558.03    -21014927.26
CNLT FAR EAST              CNLT      44967289.97     -8460479.41
FOREMOST HLDGS             FMST      10129456.56      -338791.12
HARVEST COURT               HAR      10805322.12     -5623766.68
LITYAN HLDGS BHD            LIT      21279571.09    -28602294.73
NIKKO ELECTRONIC          NIKKO      15241009.62     -3154093.28
PECD BHD                   PECD     377122467.92   -295360985.56
PANGLOBAL BHD               PGL     185949931.53   -185086888.13
TECHVENTURE BHD            TECH      37377746.79    -11207547.89
WELLI MULTI CORP          WELLI      29495419.35    -31105634.50
WONDERFUL WIRE               WW      22721443.48     -1936371.54


PHILIPPINES

APEX MINING-A               APX      55266898.93     -1972871.63
APEX MINING 'B'            APXB      55266898.93     -1972871.63
BENGUET CORP-A               BC      76269083.95    -32538922.84
BENGUET CORP 'B'            BCB      76269083.95    -32538922.84
CENTRAL AZUC TAR            CAT      35737315.17     -1803678.01
CYBER BAY CORP             CYBR      14850182.71    -74298813.45
FIL ESTATE CORP              FC      43031377.81    -10925320.95
FILSYN CORP A               FYN      24839570.79    -11373621.32
FILSYN CORP. B             FYNB      24839570.79    -11373621.32
GOTESCO LAND-A               GO      18684576.24    -10863822.41
GOTESCO LAND-B              GOB      18684576.24    -10863822.41
MRC ALLIED                  MRC      14947958.51      -747373.28
PICOP RESOURCES             PCP      105659068.50   -23332404.14
PRIME ORION PHIL           POPI       99691911.67   -82124468.39
EAST ASIA POWER             PWR       72744279.35  -136684406.25
UNIVERSAL RIGHTF             UP       45118524.67   -13478675.99
UNITED PARAGON              UPM       24785733.87   -34392840.56
UNIWIDE HOLDINGS             UW       65657779.51   -57306280.77
VICTORIAS MILL              VMC      175005565.48   -38636418.26


SINGAPORE

ADV SYSTEMS AUTO            ASA       20488612.69   -10727407.04
CHUAN SOON HUAT             CSH       42771494.42    -6415136.36
FALMAC LTD                  FAL       10568359.86    -4699134.55
GUL TECHNOLOGIES            GUL      172802992.00    -3036000.00
HL GLOBAL ENTERP           HLGE      107390161.50    -9846437.10
INFORMATICS EDU            INFO       29835417.14    -3986774.70
LINDETEVES-JACOB             LJ      217662768.45   -71352686.64
PACIFIC CENTURY             PAC       51841296.64   -20368113.05


TAIWAN

CHIEN TAI CEMENT           1107      213252699.79    -8622456.43
DAHIN-ENTL CERT           1320V      276478727.91  -230266155.05
PROTOP TECHNOLOG           2410       36409983.56   -22412206.18
HELIX TECHNOL-EC          2479S       29014861.50   -18177223.18
HELIX TECH-EC             2479T       29014861.50   -18177223.18
HELIX TECH-EC IS          2479U       29014861.50   -18177223.18
CHIEF CONST-ENT           2522R      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522S      215175465.17   -21152197.10
CHIEF CONST-ENTL          2522T      215175465.17   -21152197.10
UNICAP ELECT-EC           5307R      133883064.40   -19055700.01
UNICAP ELECT-EC           5307S      133883064.40   -19055700.01
UNICAP ELECT-ENT          5307T      133883064.40   -19055700.01
YEU TYAN MACHINE           8702       39574168.04  -271070409.72


THAILAND

ABICO HOLDINGS            ABICO       16687406.79    -9849452.81
ABICO HOLD-NVDR         ABICO-R       16687406.79    -9849452.81
ABICO HLDGS-F           ABICO/F       16687406.79    -9849452.81
BANGKOK RUBBER              BRC       83992109.28   -68072566.20
BANGKOK RUB-NVDR          BRC-R       83992109.28   -68072566.20
BANGKOK RUBBER-F          BRC/F       83992109.28   -68072566.20
BANGKOK STEEL IN            BSI      458729221.47  -136444108.98
BANGKOK STE-NVDR          BSI-R      458729221.47  -136444108.98
BANGKOK STEEL-F           BSI/F      458729221.47  -136444108.98
CIRCUIT ELEC PCL         CIRKIT       61295807.28   -25886476.66
CIRCUIT ELE-NVDR     CIRKIT-RTB       61295807.28   -25886476.66
CIRCUIT ELEC-FRN       CIRKIT/F       61295807.28   -25886476.66
CENTRAL PAPER IN          CPICO       13252670.48  -241782725.56
CENTRAL PAPER-NV        CPICO-R       13252670.48  -241782725.56
CENTRAL PAPER-F         CPICO/F       13252670.48  -241782725.56
DATAMAT PCL                 DTM       12690638.93    -6132014.29
DATAMAT PCL-NVDR          DTM-R       12690638.93    -6132014.29
DATAMAT PLC-F             DTM/F       12690638.93    -6132014.29
ITV PCL                     ITV       37687117.82    -1607409.04
ITV PCL-NVDR              ITV-R       37687117.82   -71607409.04
ITV PCL-FOREIGN           ITV/F       37687117.82   -71607409.04
K-TECH CONSTRUCT          KTECH       83204235.85    -5693045.29
K-TECH CONTRU-R         KTECH-R       83204235.85    -5693045.29
K-TECH CONSTRUCT        KTECH/F       83204235.85    -5693045.29
MALEE SAMPRAN             MALEE       67126452.61     -865421.41
MALEE SAMPR-NVDR        MALEE-R       67126452.61     -865421.41
MALEE SAMPRAN-F         MALEE/F       67126452.61     -865421.41
NEW PLUS KNITT              NPK       10075187.17    -2034472.09
NEW PLUS KN-NVDR          NPK-R       10075187.17    -2034472.09
NEW PLUS KNITT-F          NPK/F       10075187.17    -2034472.09
PREMIER MARKET               PM       41958329.18    -2352192.28
PREMIER MAR-NVDR           PM-R       41958329.18    -2352192.28
PREMIER MARK-FOR           PM/F       41958329.18    -2352192.28
KUANG PEI SAN            POMPUI       18782550.85   -14068562.52
KUANG PEI-NVDR       POMPUI-RTB       18782550.85   -14068562.52
KUANG PEI SAN-F        POMPUI/F       18782550.85   -14068562.52
SAFARI WORLD PUB         SAFARI      106026035.72   -12698924.75
SAFARI WORL-NVDR     SAFARI-RTB      106026035.72   -12698924.75
SAFARI WORLD-FOR       SAFARI/F      106026035.72   -12698924.75
SAHAMITR PRESSUR           SMPC       27259301.93   -34589170.90
SAHAMITR PR-NVDR         SMPC-R       27259301.93   -34589170.90
SAHAMITR PRESS-F         SMPC/F       27259301.93   -34589170.90
TUNTEX THAILAND          TUNTEX      209866171.11   -59169752.92
TUNTEX THAI-NVDR     TUNTEX-RTB      209866171.11   -59169752.92
TUNTEX THAILAN-F       TUNTEX/F      209866171.11   -59169752.92
UNIVERSAL STARCH            USC      100957801.82   -33250001.20
UNIVERSAL S-NVDR          USC-R      100957801.82   -33250001.20
UNIVERSAL STAR-F          USC/F      100957801.82   -33250001.20



                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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